Globus Medical downgraded to Equal Weight from Overweight at Wells Fargo

Wells Fargo analyst Vik Chopra downgraded Globus Medical (GMED) to Equal Weight from Overweight with a price target of $67, down from $82. The firm believes the combination with NuVasive (NUVA) will be "challenging" to integrate and will distract management for the foreseeable future, the analyst tells investors in a research note. Wells Fargo also points to "vastly different" cultures of the companies, and notes that prior spine deals have not created value.