Stifel analyst Mathew Blackman downgraded Orthofix to Hold from Buy with a price target of $16, down from $30, after the company announced the appointment of an interim CEO, interim CFO and interim chief legal officer. The termination-for-cause of the former CEO, CFO and chief counsel following the conclusion of an investigation alleging repeated, inappropriate personal conduct “introduces an element of uncertainty that we cannot effectively quantify at this time,” especially for a spine company in the midst of a transformative acquisition, the analyst tells investors.
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