FMP
ZimVie Earns an Upgrade at Needham, Shares Up 2%
May 16, 2024 8:09 PM - Davit Kirakosyan(Last modified: May 17, 2024 2:05 AM)
Image credit: FMP
ZimVie (NASDAQ:ZIMV) shares rose around 2% intra-day today after Needham analysts upgraded the company to Buy from Hold, setting a price target of $20 on the stock.
The analysts explained that channel checks and market commentary indicate the implant market remained stable into the second quarter of 2024. In the short term, cost reduction initiatives are expected to improve margins, even in a flat market.
ZimVie has gained more customers year-over-year, positioning it well for when demand returns, which could further expand margins. The benchmarking analysis suggests that ZimVie has significant long-term margin improvement potential. Considering these factors and the attractive valuation, the analysts believe ZimVie's risk/reward profile is favorable.
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