BTIG analyst Ryan Zimmerman lowered the firm’s price target on Zimmer Biomet to $126 from $134 but keeps a Buy rating on the shares after hosting investor meetings with the company management. Investors were interested in understanding the depth of Zimmer’s recently announced ERP slowdown, though much of the focus remained on fundamentals and the outlook ahead, the analyst tells investors in a research note. The company’s Q3 earnings call will have to address FY24 guidance as a result of the ERP impact but once reset, Zimmer will have a reasonable base with which to work off, and at current valuation, much of this is accounted for, the firm added. BTIG further states that the meetings have the firm encouraged by the progress that Zimmer has made, and it views the company as working diligently to address operational issues, product gaps, and compensation incentives to drive improved growth.
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