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WMGI

Wright Medical

$21.01

0.19 (0.91%)

05:02
08/16/19
08/16
05:02
08/16/19
05:02

Wright Medical pullback brings good entry point, says Piper Jaffray

Piper Jaffray analyst Matt O'Brien says the recent pullback in shares of Wright Medical represents a good entry point. After hosting investor meetings with management this week, the analyst recommends buying the stock at these levels. Wright has dismissed all but one of their troubled lower extremity distributors and started selling through its own direct reps in these territories as of August 1, O'Brien tells investors in a research note. With the upper extremities business still growing quickly and a commitment to the EBITDA metrics laid out before the issue surfaced, "there is a lot to like here," says the analyst. He keeps an Overweight rating on the shares with a $27 price target.

  • 04

    Sep

  • 06

    Nov

WMGI Wright Medical
$21.01

0.19 (0.91%)

08/08/19
STFL
08/08/19
NO CHANGE
Target $30
STFL
Buy
Wright Medical issues seem short-term and fixable, says Stifel
Stifel analyst Mathew Blackman noted that Wright Medical reported lower than expected Q2 sales and cut its full-year forecast, pointing to Cartiva distributor-related disruption, rather than underlying physician demand, and unanticipated, higher U.S. "core" lower extremity sales force attrition as issues that impacted both its results and outlook. Acknowledging that the troubles are "surprising and disappointing," Blackman still argues that the issues are short-term and fixable. Even with these headwinds, Wright Medical "still represents a very unique MedTech asset," contends Blackman, who lowered his price target on the stock to $30 from $36 but keeps a Buy rating on the shares.
08/08/19
BMOC
08/08/19
NO CHANGE
Target $30
BMOC
Outperform
Wright Medical price target lowered to $30 from $36 at BMO Capital
BMO Capital analyst Joanne Wuensch lowered her price target on Wright Medical to $30 after its Q2 miss and lowered FY19 guidance driven by the disruption in the Cartiva distributor sales force and a higher sales rep turnover in Lower Extremities. The analyst notes that it will take the company a few quarters to recover, but keeps his Outperform rating on the stock longer term, anticipating momentum in the Wright Medical's Upper and Lower Extremities franchises.
08/09/19
BOFA
08/09/19
DOWNGRADE
Target $25
BOFA
Neutral
Wright Medical downgraded to Neutral from Buy at BofA/Merrill
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.
08/12/19
WELS
08/12/19
DOWNGRADE
Target $23
WELS
Market Perform
Wright Medical downgraded to Market Perform from Outperform at Wells Fargo
Wells Fargo analyst Lawrence Biegelsen downgraded Wright Medical Group to Market Perform from Outperform and lowered his price target for the shares to $23 from $28. The "rapid decline" in Cartiva sales in Q2 suggests physicians aren't satisfied with the product, Biegelsen tells investors in a research note. Further, the analyst believes Wright's core lower extremities business has become commoditized and that smaller competitors can continue to take the company's reps. In addition, Biegelsen Wright's upper extremities business is likely to slow due to new competition. While there is strategic value in Wright Medical, the fundamentals "look challenging," says the analyst.

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