Conmed price target lowered to $85 from $100 at BofA

BofA lowered the firm’s price target on Conmed to $85 from $100 and keeps a Neutral rating on the shares. The firm updated its model for Q1 earnings and lowered its multiple given higher interest rates and peer multiples. The firm reiterates a Neutral rating given the view that it will take time for Conmed to prove it can sustain double-digit growth.