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Fly News Breaks for August 9, 2018
WMGI
Aug 9, 2018 | 06:51 EDT
BofA/Merrill analyst Travis Steed upgraded Wright Medical to Buy from Neutral and raised its price target to $34 from $28 following the Q2 report citing increased confidence in 2H 2018 and 2019 double digit growth and upside to Street estimates. Steed said growth in the core lower extremities business returned to market rates for the first time since Q1 2016 and believes it can accelerate further from new products and productivity ramps. The analyst said Wright Medical has a material leverage and margin opportunity, and views the company as "strategically attractive."
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