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WMGI

Wright Medical

$29.00

7 (31.82%)

14:02
11/04/19
11/04
14:02
11/04/19
14:02

Wright Medical downgraded to Neutral from Overweight at Cantor Fitzgerald

Cantor Fitzgerald analyst Craig Bijou downgraded Wright Medical (WMGI) to Neutral from Overweight following the company's announcement of an agreement to be acquired by Stryker (SYK) for $30.75 per share.

WMGI Wright Medical
$29.00

7 (31.82%)

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."
11/04/19
CANT
11/04/19
NO CHANGE
Target $28
CANT
Overweight
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.
11/04/19
PIPR
11/04/19
DOWNGRADE
Target $30.75
PIPR
Neutral
Wright Medical downgraded to Neutral from Overweight at Piper Jaffray
Piper Jaffray analyst Matt O'Brien downgraded Wright Medical Group (WMGI) to Neutral from Overweight with a price target of $30.75, up from $27. Given the size of Stryker's (SYK) buyout and "distracted competitors," the analyst does not anticipate another offer will come in over-the-top. O'Brien, however, thinks there is likely to be a lengthy Federal Trade Commission review, and he expects divestitures will be needed. He believes there will be several interested parties in any divested assets, so he does not expect finding buyers will hold up the transaction. O'Brien likes the deal for Stryker, saying it provides the company with the best portfolio of extremities products in the industry. He maintains an Overweight rating on Stryker.

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