Roth MKM initiated coverage of Zimmer Biomet with a Neutral rating and $120 price target as the firm rolled out coverage on the Orthopedic industry with a focus on spine and diversified orthopedic companies. The firm projects 7% revenue growth and 9% EPS growth, in line with consensus, for 2023, when the company benefits from easy comparisons and a healthy backlog for hips and knees. However, given the business mix, 2024 “looks to revert back to the mean of low to mid-single-digit revenue growth,” with supply issues mitigating margin improvements, the analyst tells investors.
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