Evercore ISI notes that Zimmer Biomet announced at a competitor’s conference that FY24 sales will be impacted by about 1% due to an ERP implementation and noted that more than half of the impact is in Q3. Additionally, this will impact EPS, which the company is looking to mitigate, noted the firm, which estimates about a 15c EPS impact. The Street is is modeling $8.06 EPS for FY24, so a 15c impact implies FY24 EPS of about $7.90, says the firm, which has an In Line rating and $113 price target on Zimmer Biomet shares.
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