KeyBanc upgrades CONMED to 'overweight' on improving financial profile

Conmed

27/03/2023 12:17

** KeyBanc upgrades medical device company CONMED Corp
 CNMD.N  to 'Overweight' from 'Sector Weight'
    ** Broker says following resolution of warehouse management
system implementation issues, investor focus can now shift to
improving financial profile
    ** Adds there is "significant room" for gross margin
improvement through 2025
    ** KeyBanc believes near term outlook has been de-risked
following resolution of warehouse issues, and it incrementally
communicates co's excess backlog has now been resolved 
    ** "While it still could take time to recover revenue that
shifted to competitors, it is now positioned to move back on
offense with the disruptions behind them" -KeyBanc 
    ** Of the eight analysts covering the the stock, 5 rate the
stock "buy" or higher and 3 "hold"; their median PT is $113.5 -
Refinitiv data
    ** Up to last close, stock up 9.4% this year

 (Reporting by Roshan Abraham)
 ((Roshan.Abraham@thomsonreuters.com))