Enovis price target raised to $73 from $70 at Needham

Needham raised the firm’s price target on Enovis to $73 from $70 and keeps a Buy rating on the shares. The company’s agreement to acquire LimaCorporate orthopedic implant company for $850M closed last week is consistent with its strategy since it increases Enovis’s global footprint, expands its Recon business to 50% of its sales, and increases its EBITDA margin, the analyst tells investors in a research note. Needham is raising its FY24 EPS view on Enovis to $2.80 from to $2.70 to reflect the Lima acquisition.