Zimmer upgraded to Overweight on ‘conservative’ outlook at Piper Sandler

Piper Sandler analyst Matt O’Brien last night upgraded Zimmer Biomet to Overweight from Neutral with a price target of $145, up from $135. The analyst cites favorable commentary on the "large" joint market at the American Academy of Orthopaedic Surgeons conference and the company’s "conservative" guidance for the upgrade. Feedback from numerous sources were that surgical orthopedic volumes through the first two months of the year are very strong, the analyst tells investors in a research note. The firm now believes there may be upside to Zimmer’s 3%-5% revenue guidance range for 2023.