Zimmer Biomet downgraded to In Line at Evercore ISI with FY23 outlook priced in

Evercore ISI analyst Vijay Kumar downgraded Zimmer Biomet to In Line from Outperform with a $130 price target. While the majority of the MedTech space saw "spotty performance," Zimmer Biomet was "one of the few positives" in 2022 and the stock is now trading at a P/E premium given the optimism around procedure recovery. However, the FY23 outlook "seems to be priced in," Kumar tells investors.