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

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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

DateFirmActionFromTo
Jun 2017BTIG ResearchInitiates Coverage OnBuy
Jun 2017Ladenburg ThalmannInitiates Coverage OnBuy
May 2017SunTrust Robinson HumphreyInitiates Coverage OnBuy

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