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WMGI

Wright Medical

$22.00

1.2 (5.77%)

06:50
11/04/19
11/04
06:50
11/04/19
06:50

Wright Medical buyout long part of investment thesis, says Cantor Fitzgerald

A potential takeout has long been part of Wright Medical Group's investment thesis since current CEO Bob Palmisano took over leadership of the company in 2011, Cantor Fitzgerald analyst Craig Bijou tells investors in a research note. As such, he is "somewhat hesitant" to believe that Friday's report from Bloomberg regarding a potential sale is different from the prior occasions. With that said, the analyst says Medtech transactions over the last five years suggest a multiple of four-to-five times forward sales. Wright is an attractive asset, but there are likely several considerations for potential buyers, says Bijou, who keeps an Overweight rating on the shares with a $28 price target.

WMGI Wright Medical
$22.00

1.2 (5.77%)

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.
08/16/19
PIPR
08/16/19
NO CHANGE
Target $27
PIPR
Overweight
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.
09/09/19
BOFA
09/09/19
NO CHANGE
BOFA
Generac added to Endeavor List, Wright Medical removed at BofA/Merrill
11/03/19
STFL
11/03/19
NO CHANGE
STFL
Stifel agrees with report saying Wright Medical may be evaluating options
Stifel analyst Mathew Blackman, who has a Buy rating and $30 price target on Wright Medical Group (WMGI), said that Bloomberg reported late Friday that Wright Medical had engaged financial advisers to explore a potential sale of the company. While the analyst noted that it is impossible to confirm that report, he sees "legitimate reasons to believe the company is potentially evaluating strategic options," including its significant share underperformance, lack of a clear CEO succession plan, and that the shares are "undervalued relative to the company's leading position in attractive end markets with a robust profitability profile."

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