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Zimmer Biomet price target raised to $140 from $125 at Loop Capital

Loop Capital analyst Jason Wittes raised the firm’s price target on Zimmer Biomet to $140 from $125 but keeps a Hold rating on the shares. The company’s Q4 results topped expectations thanks to continued procedure recovery, innovation and favorable comps offset by FX headwinds, the analyst tells investors in a research note. Zimmer Biomet’s 3%-5% constant currency revenue growth outlook for FY23 and modest leverage despite the continued supply and inflationary pressures suggest a "strong start for the year", the firm added, though it prefers to keep "powder dry" with a neutral rating.

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