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Fly News Breaks for March 21, 2017
SNN, WMGI
Mar 21, 2017 | 08:48 EDT
As previously reported, Northcoast upgraded Wright Medical (WMGI) to Buy from Neutral with a $36 price target. Analyst David Kaiser said he has been slow to appreciate Wright's competitive advantages in the extremity market and believes a takeout is increasingly likely in 2017. The analyst attended last week's American Academy of Orthopedic Surgeons annual meeting and said multiple private industry contacts told him there is increased speculation in the market about one of the four major joint replacement manufacturers acquiring Wright Medical soon. Kaiser believes Smith & Nephew (SNN) is the most logical acquirer given it has virtually no presence in the extremity market, has a very strong balance sheet, and a clear strategy to shift its business mix to faster-growing areas.
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