Zimmer Biomet price target lowered to $117 from $130 at Truist

Truist lowered the firm’s price target on Zimmer Biomet to $117 from $130 and keeps a Hold rating on the shares as part of a broader research note previewing Q2 results in the MedTech sector. Across the market cap, there continues to be crowding in the strongest growth stories with a widening performance and valuation gap between “haves” and “have nots”, but while this could create some profit-taking, dips in these names will get bought if fundamentals are moving in the right direction, the analyst tells investors in a research note. For Zimmer Biomet , Truist notes that the company will need to post upside for investors to gain confidence in the implied second-half margin and revenue ramp, though the firm does not believe it will be able to “put up enough upside in the quarter”.