UPDATE: Piper Jaffray Raises PT to $21 on Globus Medical
Piper Jaffray reiterated its Overweight rating on Globus Medical (NYSE: GMED) and raised its price target from $18 to $21.
Piper Jaffray noted, "FDA clearance of Globus's cervical total disc replacement system, Secure-C, will be an important catalyst for growth for the company heading into 2013. Management had set 2H12 as the targeted timeframe for approval, so on the one hand approval might be viewed as in line with expectations. … The disc opens up around $200-300 mil of additional market opportunity by our estimate, and should help drive traction for the company with new surgeons. We reiterate our Overweight rating on GMED, upping our target from $18 to $21, and remain buyers of the stock at current levels."
Globus Medical closed at $18.03 on Friday.
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