Needham & Company Raised Price Target on Zimmer Biomet Holdings (ZBH) Following Mixed 4Q Results

Needham & Company reiterated a Buy rating on Zimmer Holdings (NYSE: ZBH), and raised the price target to $129.00 (from $127.00), following the company's 4Q earnings report. Revenue was $1.934B, missing consensus estimates of $1.954B. And EPS was $2.09, beating out the consensus of $2.04.

Analyst Mike Matson commented, "ZBH missed consensus revenue but beat consensus EPS in 4Q15. Management guided to below-consensus revenue and above-consensus EPS. Pro forma revenue growth was slightly positive in 4Q15 and similar to 3Q15. ZBH has now mostly completed the integration of its commercial teams and we expect its revenue growth to approach orthopedic market growth of ~3% by the end of 2016. We expect accelerating revenue growth and EPS upside to drive ZBH's P/E multiple, and stock price, higher during 2016 and we reiterate our Buy rating."

For an analyst ratings summary and ratings history on Zimmer Holdings click here. For more ratings news on Zimmer Holdings click here.

Shares of Zimmer Holdings closed at $101.64 yesterday.

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