Needham analyst Mike Matson raised his price target on CONMED to $71 and kept his Buy rating after Q4 earnings beat. The analyst says the company has "finally turned around its US Orthopedics business which was the one remaining drag on its growth". Matson also cites the management's forecast of sustaining mid-single digit revenue growth and double-digit EPS growth, which he adds may prove to be conservative.
Piper Sandler analyst Matt O'Brien lowered the firm's price target on Conmed to $95 from $100 and keeps an Overweight rating on the shares. The firm notes Conmed reported Q1 2024 results that beat slightly on the top- and bottom-line. The General Surgery business drove all the upside on the top-line in the quarter. Piper also highlights that management lowered guidance for the year due to FX, but it is essentially unchanged when adjusting for this.
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Reports Q1 revenue $312.3M, consensus $306.78M. "2024 is off to a solid start as the quarter delivered our expected top- and bottom-line growth and margin expansion," commented Curt R. Hartman, CONMED's Chair of the Board, President, and Chief Executive Officer. "We remain well positioned with a compelling and diverse portfolio to drive continued growth across the markets we serve."