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ATEC

Alphatec

$1.40

0.21 (17.65%)

, SNN

Smith & Nephew

$38.45

-1.72 (-4.28%)

07:53
02/12/19
02/12
07:53
02/12/19
07:53

Alphatec transformation on track despite share weakness, says Lake Street

Lake Street analyst Brooks O'Neil believes his fundamental thesis on Alphatec (ATEC) is playing out despite the recent weakness in the shares. CEO Pat Miles and his team are spine experienced and taking "significant steps" to strengthen the company's distributor relationships and to revitalize its product line, O'Neil tells investors in a research note. Initial feedback on new products has been very positive, says the analyst. He affirms his Buy rating on Alphatec with a $7 price target. Further, following reports of Smith & Nephew's (SNN) interest in NuVasive (NUVA), O'Neil says one of the larger players in the spine space "might take a run at" Alphatec should its transformation continue as he expects.

ATEC

Alphatec

$1.40

0.21 (17.65%)

SNN

Smith & Nephew

$38.45

-1.72 (-4.28%)

NUVA

NuVasive

$56.10

6.55 (13.22%)

  • 06

    Mar

ATEC Alphatec
$1.40

0.21 (17.65%)

SNN Smith & Nephew
$38.45

-1.72 (-4.28%)

02/12/19
JEFF
02/12/19
DOWNGRADE
Target $60
JEFF
Hold
Jefferies, skeptical of potential buyout, downgrades NuVasive to Hold
Jefferies analyst Raj Denhoy downgraded NuVasive (NUVA) to Hold from Buy and lowered his price target for the shares to $60 from $68. The analyst remains skeptical of a takeover by Smith & Nephew (SNN) happening, and even if it does, he does not see much opportunity for a bid above $60 per share. NuVasive closed yesterday up 13% to $56.12. And outside of a potential takeover, NuVasive's story is challenging amid slowing spine growth, Denhoy tells investors in a research note.
02/11/19
ADAM
02/11/19
NO CHANGE
ADAM
Canaccord says sell NuVasive on deal speculation rally, buy Smith & Nephew
Canaccord Genuity analyst Kyle Rose advises investors in the near-term to sell NuVasive (NUVA) into the deal-related strength and add to positions in Smith & Nephew (SNN) on the acquisition speculation selloff. The analyst does not find a potential of NuVasive acquisition by Smith & Nephew "to be compelling." A deal could be disruptive to Smith & Nephew's turnaround in both commercial performance and investor sentiment, Rose told investors earlier in a research note. The analyst admits to being caught off guard by Friday's Financial Times report of deal talks. Not by the idea of M&A speculation, but rather the idea of Smith & Nephew "choosing to utilize nearly all of its acquisition bandwidth on a spine acquisition," says Rose. He believes the spine market "doesn't seem to check the right 'growth' boxes." Further, spine deals are "notoriously challenging" given the importance of the distributor/customer relationship and disruption caused in the commercial channels during integration, he adds. Should the talks progress, Rose believes it would take at least $60 per share, or a 21% premium to Friday's closing price, for NuVasive to seriously consider a deal. Share of NuVasive are up 15%, or $7.64, to $57.19 in midday trading while Smith & Nephew is down 4% to $38.43. From a long-term perspective, the analyst says he would maintain Buy ratings on both stocks should the deal were not to be ultimately consummated.
02/11/19
JPMS
02/11/19
NO CHANGE
JPMS
NuVasive does not seem to fit Smith & Nephew deal criteria, says JPMorgan
After hosting a call with management, JPMorgan analyst David Adlington believes Smith & Nephew (SNN) is "clearly setting out its intentions for higher M&A activity from here." However, Friday's report from the Financial Times of discussions with NuVasive (NUVA) don't seem to fit the company's criteria, Adlington tells investors in a research note titled "Feedback from management meeting - M&A clearly on the agenda, but we're not sure it's NuVasive." Further, early investor feedback indicates this deal would not be well received, although it would likely be at least high-single-digit earnings accretive, adds the analyst. Adlington points out the spine market is low growth. There is limited product differentiation, outcomes data is scant and push-back by payers has impacted procedure volumes, contends the analyst. He points out JPMorgan is forecasting 4% revenue growth for NuVasive in the near to mid term.
02/11/19
JEFF
02/11/19
NO CHANGE
Target $68
JEFF
Buy
Smith & Nephew buying NuVasive 'makes some sense,' says Jefferies
A potential acquisition of NuVasive (NUVA) "makes some sense" for Smith & Nephew (SNN) as it adds the number three spine company and adds to growth, Jefferies analyst Raj Denhoy tells investors in a research note. The analyst's model shows accretion in year two with return on invested capital 10% in year five. However, the timing of the reported talks is "strange" given the recent management change at NuVasive, adds the analyst. Further, Denhoy believes questions on if spine and NuVasive are the best places for Smith & Nephew to invest will persist. The analyst keeps a Buy rating on NuVasive with a $68 price target.
NUVA NuVasive
$56.10

6.55 (13.22%)

02/12/19
JEFF
02/12/19
DOWNGRADE
JEFF
Hold
NuVasive downgraded to Hold from Buy at Jefferies

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UTX

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ITT

ITT

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ROKU

Roku

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ITT

ITT

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FIT

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FSLR

First Solar

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ITT

ITT

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NVRO

Nevro

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ITT

ITT

$56.41

-0.25 (-0.44%)

06:48
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ITT

ITT

$56.41

-0.25 (-0.44%)

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ITT

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CWST

Casella Waste

$33.55

-1.47 (-4.20%)

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CODX

Co-Diagnostics

$1.17

-0.015 (-1.27%)

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SALT

Scorpio Bulkers

$4.00

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MNTA

Momenta

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TNK

Teekay Tankers

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CDE

Coeur Mining

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MNTA

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KHC

Kraft Heinz

$48.19

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RCM

R1 RCM

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Earnings
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MGLN

Magellan Health

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FB

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, GOOG

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COG

Cabot Oil & Gas

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