UPDATE: Oppenheimer Raises PT on Globus Medical Following Close of Patent Infringement Case

In a report published Monday, Oppenheimer analyst Steven Lichtman reiterated an Outperform rating on Globus Medical GMED, and raised the price target from $18.00 to $19.00.

In the report, Oppenheimer noted, “Now that the Synthes (JNJ) patent infringement case is behind GMED, investors can focus on the growth outlook. While spine market growth remained tepid in 1Q, GMED grew well ahead and has several incremental new opportunities that should keep GMED growing at multiples of the market. These include new pain management products, a greater focus on lateral fusion, an expected Japan launch in '14 and the ongoing rollout of SECURE-C cervical disc. We look for these initiatives to accelerate revenue growth in '14. On SECURE-C, we believe the opportunity is underappreciated. Raising target to $19from $18 on higher out-year estimates for SECURE-C. GMED trades at a discount to peers on '13E EPS (19x vs. 25x).”

Globus Medical closed on Friday at $15.46.