Wells Fargo analyst Lawrence Biegelsen downgraded Globus Medical (GMED) to Market Perform from Outperform and lowered his price target for the shares to $41 from $50. The analyst sees increased competitive dynamics in the U.S. spinal robotics market. He anticipates longer capital sales cycles as customers evaluate four competitive spinal robotic offerings in the market over the next few quarters. They include Zimmer Biomet's (ZBH) ROSA One platform, NuVasive's (NUVA) Pulse Surgical Intelligence system, Medtronic's (MDT) MazorX Stealth robotic system and Globus Medical's ExcelsiusGPS robotic navigation platform, Biegelsen tells investors in a research note. The analyst continues to believe Globus will drive above market growth in spine, but he sees more limited opportunity for multiple expansion in the near term.