BTIG analyst Ryan Zimmerman upgraded Globus Medical to Buy from Neutral with a $60 price target. At the stock’s current valuation, the reward is greater than the risk, potential downside is limited, and with seven months in the rear-view mirror since the NuVasive deal was consummated, management “has had time to retire deal risk,” the analyst tells investors in a research note. The firm says Globus Medical is going into fiscal 2024 in a “healthy” spine market and can begin to capitalize on cost synergies. BTIG sees a better EBITDA margin trajectory emerging over the coming 12-18 months.
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