Zimmer Biomet guidance update an ‘unwelcome negative,’ says Truist

Zimmer Biomet presented commentary at a competitor conference stating an unexpected revenue growth headwind related to ERP issues, which puts revenue and earnings achievability at risk, Truist tells investors in a research note. The firm, which made no change to its Hold rating and $117 price target, says the update was an “unwelcome negative” one and a step-back from guidance against the backdrop of investors questioning the achievability of the 2024 guidance ever since it was issued.