Oppenheimer lowered the firm’s price target on Zimmer Biomet to $135 from $145 and keeps an Outperform rating on the shares. The firm is updating its estimates to reflect the ERP issues that arose in August during Zimmer’s upgrade to SAP; the issue is expected to affect product distribution in the second half of 2024. Near term, the ERP challenges are overshadowing improved new product flow that is expected to grow in contribution in the second half of 2024 and into 2025. The company’s previously announced opex restructuring program should also be supportive in 2025, Oppenheimer adds.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on ZBH:
- Zimmer Biomet price target lowered to $123 from $128 at Raymond James
- Zimmer Biomet price target lowered to $120 from $130 at RBC Capital
- Zimmer Biomet price target lowered to $126 from $134 at BTIG
- Zimmer Biomet price target lowered to $110 from $113 at Evercore ISI
- Zimmer Biomet management to meet with BTIG