Raymond James analyst Lawrence Keusch upgraded Zimmer Biomet to Strong Buy from Outperform with a price target of $170, up from $160. In a research note to investors, Keusch says that while accelerating growth has underpinned his prior positive rating, opportunities to reduce obsolete inventory charges and inventory over the next several years increase his conviction in further shareholder value creation. The analyst calls out Zimmer's annual inventory charges, which are well above large-cap comparables at over $200M. He further states that the potential for an inflection in free cash flow and potential EPS upside may not yet be fully appreciated by investors as it is early and the shares under-owned by large long-only investors, improving fundamentals and cash flow dynamics could drive incremental ownership.