Leerink Partners Raises Price Target on Globus Medical (GMED) Following 2Q Results

Leerink Partners reiterated an Outperform rating on Globus Medical (NYSE: GMED), and raised the price target to $32.00 (from $30.00), following 2Q results. 2Q sales of $134MM beat consensus by $7M. EPS was reported in line with consensus estimates of $0.25. GMED raised 2015 revenue outlook to $524M (vs. $514M) while EPS is now at $1.04 (vs. $1.01).

Analyst Richard Newitter commented, "GMED delivered another significant revenue beat this quarter marked by an accelerating double-digit y/y sales growth performance (+17.6%) while maintaining 35% EBITDA margin. In all, the quarter reinforces our view that GMED can continue sustaining abovespine-mkt sales growth and well-above-avg. profitability (one of the highest in our coverage) to a greater degree than is appreciated. We reiterate our OP rating with our PT increasing to $32 (vs. $30) on higher estimates and recent group multiple expansion."

For an analyst ratings summary and ratings history on Globus Medical click here. For more ratings news on Globus Medical click here.

Shares of Globus Medical closed at $27.85 yesterday.

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