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Globus Medical Inc (NYSE:GMED) is up 64 percent year-over-year, but it may be exhausting its potential.
The Rating
BTIG analyst Ryan Zimmerman downgraded Globus Medical to Neutral.
The Thesis
Globus Medical is seen to have ridden intensified investor interest in robotics, which compounded strong fundamentals, a positive year in core spine sales, and a good first quarter for robotics commercialization.
BTIG doesn’t necessarily expect the firm to take a turn for the worse.
“We are not saying 1Q18 will miss with our downgrade today either as we believe there may still be early pent-up demand for ExcelsiusGPS in 1Q,” Zimmerman wrote in a Monday note. “In fact, we believe GMED could beat expectations for the quarter.”
He just doesn’t see much upside — perhaps “a dollar or two” — considering overextended valuation relative to the group and the tailwind of robotics growth already baked into the price.
Price Action
Globus Medical fell more than 1 percent on the downgrade, and at time of publication was trading around $50.11.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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