Piper Jaffray analyst Matt O'Brien says that while Wright Medical's acquisition of Cartiva is expensive, it "makes a lot of sense otherwise." Cartiva offers a differentiated technology in a highly commoditized space, with a large total addressable market of $400M, O'Brien tells investors in a research note. While the need for a raise to pay for the transaction may weigh on the stock today, the deal's "compelling features offset that," the analyst adds. He encourages investors to build positions in Wright Medical and keeps an Overweight rating on the name with a $32 price target.