Globus Medical price target lowered to $53 from $60 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Globus Medical to $53 from $60 and keeps an Equal Weight rating on the shares after Globus reported Q3 revenue that included $102M in NuVasive’s September revenue. Management maintained full-year EPS guidance at $2.30 while FY23 revenue is now expected to be up 7% on a pro-forma basis, noted the analyst. The firm’s multiple applied to its FY24 EBITDA estimate is “a discount to profitable MedTech peers given risks inherent with the NuVasive merger,” thought this discount “could narrow over time,” the analyst tells investors.