Piper Sandler analyst Matt O’Brien downgraded Zimmer Biomet to Neutral from Overweight with a price target of $115, down from $140. The analyst says a combination of factors, including a back half of 2024 ramp and minimal upside to fiscal 2025 hip and knee estimates “make the setup less attractive from here.” The firm does not see the catalysts in the near to intermediate term to push the stock “much higher from here.
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