BofA/Merrill analyst Travis Steed downgraded Wright Medical to Neutral with a price target of $25 after its below-consensus Q2, saying there is "little opportunity" for the multiple to expand without a "real, sustained" reacceleration in its Lower Extremities business as it is still not far below the average since the company's merger with Tornier. The analyst adds that while Wright Medical's current issues are "manageable", it is challenging to "regain lost ground" with new sales reps, and the fix can take longer than expected. Steed adds that the company's Biologics comps will also become "much tougher" in the second half of 2019.