UPDATE: Oppenheimer Raises PT On Globus Medical On Pre-Announced 4Q14 Revenue

In a report published Wednesday, Oppenheimer analyst Steven Lichtman reiterated an Outperform rating on

, and raised the price target from $24.00 to $26.00. In the report, Oppenheimer noted, “On Tuesday after the close, GMED pre-announced 4Q14 revenue of $128.5M, ahead of our/Street's $122.2M/$121.6M despite a tough comparison. Revenue was up 11.5% y/y as the company benefited from the ramping of new sales hires (including the particularly strong new hire growth in '13), some recovery in the lost distributor region and increased biologics contribution. The initial '15 sales guidance looks conservative following the 4Q beat on the aforementioned drivers. While the company will increase its investment this year in its robotics opportunity ahead of '16 launch, the initial '15 EPS guidance appears conservative as well.” Globus Medical closed on Tuesday at $23.45.