BTIG lowered the firm’s price target on Zimmer Biomet (ZBH) to $112 from $122 and keeps a Buy rating on the shares following disappointing Q3 results. The firm notes that relative to peers, Zimmer Knee growth fell below Stryker (SYK) but above Johnson & Johnson (JNJ) while Hips were softest among the 3. There is no way to spin it, results were disappointing relative to expectations as Zimmer came off a strong Q2 and into the print investor enthusiasm was growing from an easier comp and new product launches, says BTIG.
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