Market Overview

UPDATE: Piper Jaffray Reiterates Orthofix International at Neutral, New CEO Expected

Related OFIX
Orthofix Initiates First US Clinical Study Of Osteogenesis Stimulation For Odontoid Fractures
Orthofix Restates 2011, 2012, 2013, and 2014 Quarterly And Annual Financial Statements

In a report published by Piper Jaffray, analyst Matt Miksic reiterated his Neutral rating and $43 price target on Orthofix International (NASDAQ: OFIX).

Piper Jaffray reported that, “The departure of Orthofix CEO Bob Vaters is unexpected and, for many investors, disappointing, given that much of the operating results and stock performance over the past several years has been attributed to Mr. Vaters's efforts and execution. In explaining the events that led to Mr. Vaters resignation, the company described a process whereby the board and Mr. Vaters came to the same conclusion together. That said, as we often note, in these situations, investors are unlikely to feel completely comfortable with management's explanation of Mr. Vaters departure until some time has passed and a new outlook has been established. Given the unexpected nature of the announcement, we would obviously expect some near term volatility, however, cash flow and valuation should provide a degree of support for the stock in the mid to upper 30s. We remain Neutral on OFIX for now.”

Shares of Orthofix International closed at $38.82 on Wednesday.

Latest Ratings for OFIX

May 2013Lazard Capital MarketsDowngradesBuySell
May 2013Janney CapitalDowngradesBuyNeutral
May 2013Mizuho SecuritiesDowngradesBuyNeutral

View More Analyst Ratings for OFIX
View the Latest Analyst Ratings

Posted-In: Piper JaffrayAnalyst Color Reiteration Analyst Ratings


Related Articles (OFIX)

Around the Web, We're Loving...

Get Benzinga's Newsletters

Our Experts vs. S&P 500Powered by Benzinga
Marketfy Products Return S&P 500
Morning Profit Maker 42.72% 6.69%
The Option Prophet 91.14% 6.69%
SecretCaps 26.55% 6.69%
Short-Term Trend Trading 11.89% 6.69%
View the highest rated products→