ZimVie initiated with an Underweight at Barclays

Barclays analyst Matt Miksic initiated coverage of ZimVie with an Underweight rating and $9 price target. The company’s dental business has been relatively stable, but its spine business has struggled, declining double digits in a flat or low single digit growth market, Miksic tells investors in a research note. The analyst sees "no evidence that will change." Given the "substantial" cash and working capital overhead associated with spine, Miksic expects ZimVie’s spine losses to continue to drag down the overall business for the foreseeable future.