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Fly News Breaks for February 4, 2020
Feb 4, 2020 | 14:05 EDT
Piper Sandler analyst Matt O'Brien renewed an Overweight rating on Zimmer Biomet and raised his price target on the shares to $175 from $170 after the company reported Q4 results. O'Brien said that the two "Rs," namely Rosa and Restructuring, were the "real story" of the quarter, as the company delivered a sequential improvement in Rosa sales and noted that it is beginning to see some competitive accounts show up to use this product or other Zimmer Biomet knee technologies. On the restructuring front, the analyst said that Zimmer announced a "sizeable" program that should yield $200M-$300M worth of operating income benefit by 2023. O'Brien added that the combination of these two factors make him more excited about the earnings per share growth outlook for the company in the coming years.
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