Zimmer Biomet price target lowered to $101 from $113 at Truist

Truist analyst Richard Newitter lowered the firm’s price target on Zimmer Biomet (ZBH) to $101 from $113 and keeps a Hold rating on the shares. The company’s modest 1Q EPS beat was “OK,” but ongoing U.S. Knee underperformance and lowered EPS guidance put more pressure on a second half weighted growth ramp and raised questions as to the speed at which revenue re-acceleration can occur, says the analyst. The firm thinks sustainable stock upside could be limited pending greater conviction in an a faster EPS and/or organic revenue growth outlook, the analyst added.