Barclays begins coverage on Globus Medical with 'overweight'

Globus Medical

18/10/2022 14:08

** Barclays initiates coverage on medical equipment
manufacturer Globus Medical Inc  GMED.N  with "overweight" and
PT of $69
    ** Brokerage expects co to deliver above-market growth in
2022 and 2023, supported by sales in its robotic surgery
platform and implant systems
    ** Barclays expects launch of imaging system ExcelsiusGPS
for GMED's robotic surgery platform to be a competitive
"difference maker" for co with new deal-win possibilities 
    ** Says co has delivered consistent market growth and
margins for more than 10 years
    ** Adds it does not see macro headwinds to impact
performance in 2023 due to flexibility for contracts and
financing in the robotic surgery market     
    ** 11 of 16 brokerages rate the stock "buy" or higher, 4
"hold" and 1 "sell"; their median PT is $71 - Refinitiv data
    ** Up to Monday's close, stock had fallen ~12% this year,
compared with a ~38% decline in the S&P 400 Health Care
Equipment sub-index  .SPMDCMED 
 (Reporting by Johann M Cherian in Bengaluru)
 ((johann.mcherian@thomsonreuters.com;))