ZimVie slides after Needham initiates coverage with 'hold'

Zimvie

16/11/2023 12:49

** Shares of medtech co ZimVie  ZIMV.O  fall ~9.9% to $7.60
premarket
    ** Needham initiates stock coverage with "hold" rating
    ** "ZIMV's valuation reflects a struggling spine business
with no near-term path to return to market growth" - Needham
    ** Brokerage says that selling co's spine business could
result in meaningful upside to shareholder value
        ** 1 of 2 brokerages rate the stock "hold" and 1 "sell"
or lower; their median PT is $10.50 - LSEG data
    ** Up to last close, stock down 9.7% YTD

 (Reporting by Christy Santhosh)
 ((Christy.Santhosh@thomsonreuters.com))