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Fly News Breaks for December 24, 2019
SNN, SYK, WMGI
Dec 24, 2019 | 05:06 EDT
Jefferies analyst Raj Denhoy downgraded Wright Medical Group (WMGI) to Hold from Buy with a $30.75 price target. The company is unlikely to receive to "significantly" higher bid than Stryker's (SYK) $30.75 per share, Denhoy tells investors in a research note. While Smith & Nephew (SNN) could make a strategic case for acquiring Wright Medical, a deal in the $34-$35 per share range would be a "stretch" for the company financially and bring dilution or leverage, adds the analyst.
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