Citi keeps Neutral rating on Zimmer Biomet after the company announced at a conference today that due to issues implementing a new enterprise resource planning system, it expects a 1% headwind to full year 2024 revenue. Management highlighted that manufacturing and quality have not been compromised, rather it is not able to ship at its usual “velocity” currently, the analyst tells investors in a research note. The firm says “consistency has evaded management” over the last several quarters.” As such, Citi expects today’s news to erase some of the rally the stock has experienced since reporting Q2.
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