Piper Sandler analyst Matt O’Brien raised the firm’s price target on Zimmer Biomet to $130 from $120 and keeps a Neutral rating on the shares. Zimmer Biomet on Thursday announced the acquisition of Embody, which is expected to be accretive to overall revenue growth going forward but slightly dilutive to adjusted EPS in 2023. O’Brien sees the market potential for next generation tissue repair products, eventually, in the hundreds of millions of dollars range, but thinks sales in the near-term will be modest and the transaction is expensive, the analyst tells investors in a research note.
Published first on TheFly
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