Zimmer Biomet upgraded to Buy from Neutral at BTIG

BTIG upgraded Zimmer Biomet (ZBH) to Buy from Neutral with a $139 price target. The shares have pulled back 13% since the Q2 earnings call and now sit at the lowest level relative to Stryker (SYK) over the last 20 years on a price-to-earnings basis, the analyst tells investors in a research note. The firm cites valuation for the upgrade, saying the selloff following the CEO transition “was a little overdone.” Ivan Tornos takes over a “much healthier” Zimmer at a time when the orthopedic market is strong and the company’s balance sheet is healthy, contends BTIG.