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ZBH

Zimmer Biomet

$103.24

1.26 (1.24%)

, SYK

Stryker

$115.93

2.975 (2.63%)

10:57
11/29/16
11/29
10:57
11/29/16
10:57

Zimmer Biomet rises as Citi ups rating on Price nod to lead HHS

Shares of Zimmer Biomet Holdings (ZBH) are on the rise after Citi analyst Amit Hazan upgraded the stock to Neutral as he believes the nomination of House Representative Tom Price to head the Department of Health and Human Services "significantly increases" the likelihood that the Centers for Medicare & Medicaid Services, or CMS, bundled payment programs may be reduced in size and made voluntary, if not completely eliminated. POSSIBLE END OF BUNDLED PAYMENTS: Citi's Hazan upgraded Zimmer Biomet to Neutral from Sell, saying the selection of Tom Price to head Health and Human Services "all but ensures current bundled payment programs may be significantly diluted." The analyst told investors that this removes a major risk to the U.S. reconstruction market and to his previous Sell thesis on Zimmer Biomet. Hazan pointed out that Tom Price himself wrote to CMS just two months ago, leading a sizeable Republican effort to have the Center for Medicare and Medicaid Innovation, or CMMI, "cease all current and future planned mandatory initiatives under CMMI." These initiatives include CJR hip and knee bundled payments, the proposed cardiac bundled payment models for CABG, and the proposed Part B drug payment model, he contended. Therefore, once Price is confirmed to head up Health and Human Services, he can undo these programs immediately, with the analyst expecting him to do so. Nonetheless, Hazan pointed out that Price has been extremely vocal about his preference to "Repeal and Replace" the Affordable Care Act, adding that he believes the nominee's own published reform plan would generally increase the number of uninsured and possibly significantly increase insurance costs for the elderly population, which is a possible future negative headwind for the ortho group. Seeing a lower probability of a downside scenario, Hazan also raised his price target on Zimmer shares to $108 from $95. STILL BEARISH ON STRYKER: Hazan, however, reiterated a Sell rating on Zimmer Biomet's peer Stryker (SYK), saying he views the positive change in bundled payment risk as partly offset by new hospital capital spending risk next year. Nonetheless, the analyst noted that he acknowledges that the situation remains fluid. PRICE ACTION: In morning trading, shares of Zimmer Biomet have gained about 1% to $103.12.

ZBH

Zimmer Biomet

$103.24

1.26 (1.24%)

SYK

Stryker

$115.93

2.975 (2.63%)

  • 29

    Nov

  • 12

    Dec

ZBH Zimmer Biomet
$103.24

1.26 (1.24%)

11/08/16
NRCS
11/08/16
DOWNGRADE
NRCS
Neutral
Zimmer Biomet downgraded to Neutral from Buy at Northcoast
11/22/16
CLVD
11/22/16
NO CHANGE
CLVD
Zimmer Biomet supply issues impacting hip and knee, says Cleveland Research
Cleveland Research analyst Rob Eich said checks indicate Zimmer's hip and knee sales in the US are being impacted by changes/issues in raw material sourcing and expects COGS to be higher near-term. The analyst said issues have been resolved but could take months to rebuild supply. Eich rates Zimmer a Neutral.
11/29/16
SBSH
11/29/16
UPGRADE
SBSH
Neutral
Zimmer Biomet upgraded to Neutral from Sell at Citi
11/29/16
SBSH
11/29/16
UPGRADE
Target $108
SBSH
Neutral
Citi upgrades Zimmer to Neutral on Tom Price appointment
Citi analyst Amit Hazan upgraded Zimmer Biomet Holdings to Neutral saying the selection of Tom Price to head Health and Human Services "all but ensures current bundled payment programs may be significantly diluted." This removes a major risk to the U.S. reconstruction market, Hazan tells investors in a research note. He raised his price target for Zimmer shares to $108 from $95. The analyst keeps a Sell rating on Stryker (SYK).
SYK Stryker
$115.93

2.975 (2.63%)

10/31/16
PIPR
10/31/16
NO CHANGE
PIPR
Overweight
Zimmer Biomet pullback on earnings a buying opportunity, says Piper Jaffray
Piper Jaffray analyst Matt O'Brien noted that Zimmer Biomet (ZBH) reported "slightly weak" Q3 results and cut its guidance due to internal supply issues. However, he thinks the company should be able to re-engage customers and move closer to market growth next year after resolving the issues, which he expects it to fix in "probably" the next two quarters. Noting that the post-earnings decline puts Zimmer's value at a 31% discount to peer Stryker (SYK), which is much wider than average, the analyst points to the pullback as a buying opportunity and keeps an Overweight rating on Zimmer shares.
11/01/16
BMOC
11/01/16
UPGRADE
BMOC
Market Perform
Stryker upgraded to Market Perform from Underperform at BMO Capital
11/01/16
BMOC
11/01/16
UPGRADE
BMOC
Market Perform
Stryker upgraded on positive catalysts at BMO Capital
As noted earlier, BMO Capital upgraded Stryker to Market Perform from Underperform. Analyst Joanne Wuensch says that the company's Q3 results were very strong, while the company's upcoming analyst event should alleviate investors' concerns. The analyst had previously expected the company to be hurt by the increased use of bundled payments, but she says that this has not materialized. Target $125.

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