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"On the size of the opportunity, I think, it's a little too early to say," said GE Healthcare CEO Peter Arduini. GEHC YTD mountain GE Healthcare shares are up 31% year to date. So what's the takeaway for GE Healthcare, Quest and others in the diagnostics space? Zimmerman reiterated a neutral rating on GE Healthcare on Wednesday, saying it was fairly valued relative to its peers. Both stocks have had a down week, but GE Healthcare shares are up 31% in 2023.
Persons: Peter Arduini, it's, Gordon Haskett, Don Bilson, Bilson, Eli Lilly, Ryan Zimmerman, Zimmerman, FactSet Organizations: GE Healthcare, Quest Diagnostics, Drug Administration, Biogen, FDA, ARIA, Quest Locations: U.S
[1/2] The logo of medical implants maker Zimmer Biomet is seen at a plant in Winterthur, Switzerland, November 16, 2018. REUTERS/Moritz HagerMay 2 (Reuters) - Zimmer Biomet Holdings Inc (ZBH.N) raised its annual sales and profit forecasts on Tuesday, banking on strong demand for its knees and hips products amid a sustained recovery in surgical procedures in the United States. Shares of the Indiana-based medical device maker rose 3.72% to $144 before the bell, also buoyed by better-than-expected first-quarter results. Zimmer Biomet's upbeat outlook comes after several medical device makers, including Stryker Corp (SYK.N) and larger rival Abbott Laboratories (ABT.N), raised their forecasts as easing staffing shortages at hospitals aid a recovery in medical procedures. The medical device maker's revenue rose 10% to $1.83 billion in the first quarter, beating analysts' average estimates of $1.70 billion.
April 18 (Reuters) - Intuitive Surgical Inc (ISRG.O) beat estimates for first-quarter sales on Tuesday as the surgical robot maker recorded a rise in total procedure volumes. The company reported quarterly sales of $1.70 billion, beating analysts' estimates of $1.60 billion, according to IBES Refinitiv data. The medical device maker posted a 26% growth in procedure volumes of its surgical robot da Vinci in the first quarter through March from a year earlier. Investors are eyeing the launch of company's new multiport surgical robot, which could be a potential near-term catalyst, analysts said after Intuitive in January told its next generation system is not expected to be launched this year. Excluding items, Intuitive earned $1.23 per share in the first quarter, above analysts' average estimate of $1.20 per share, according to IBES data from Refinitiv.
Feb 9 (Reuters) - Globus Medical Inc (GMED.N) said on Thursday it would acquire peer NuVasive Inc (NUVA.O) in an all-stock deal valued at about $3 billion to build scale in the competitive market for spinal devices. NuVasive shareholders will receive 0.75 of Globus shares, implying a per-share offer of $57.72 and a premium of about 26% to Wednesday's close. Shares of Globus Medical fell more than 17%, with analysts raising concerns around deals in spinal device space. "We both have very rich product portfolios to still develop," said Globus Medical Chief Executive Officer Daniel Scavilla. NuVasive shareholders will own about 28% of the combined company, while Globus shareholders will own the rest.
Medical device makers, like many manufacturers, have faced challenges over the last year from inflationary supply chain costs, staffing shortages and the strong dollar impacting sales overseas. However, since 2007 the device sector ETF has averaged a gain of 14% per year, 6 percentage points better than the broader market index over the same period. More than 60% of analysts rate the shares a buy, with a mean price target implying 34% upside. Nearly 90% of analysts rate the stock a buy, with mean price target of $53, implying more than 30% upside. BTIG analysts Marie Thibault and Ryan Zimmerman think that M & A could be another catalyst for the medical device sector in 2023, with robotic surgery players likely to be of particular interest.
To help the process, here are five stocks chosen by Wall Street's top pros, according to TipRanks, a platform that ranks analysts based on their track records. Hims & HersAnother stock that Feinseth has recently reiterated as a buy is the multi-specialty telehealth company, Hims & Hers (HIMS). Feinseth is confident in HIMS's strong brand equity and customer loyalty, which he expects will continue to drive business performance. BTIG analyst Ryan Zimmerman notes that the company stands to benefit from this space as larger players have mostly overlooked the opportunity. (See OrthoPediatrics Financial Statements on TipRanks) Last week, Zimmerman reiterated his buy rating and $62 price target on KIDS stock.
In that context, we kickstart 2023 with five stocks picked by Wall Street's top analysts, according to TipRanks, a service that ranks analysts based on their past performance. Papa John'sQuick-service pizza chain Papa John's (PZZA) stock has depreciated significantly this year due to challenges in the U.K. and inflationary pressures, but its longer-term outlook remains resilient. Therefore, Papa John's value offerings like Papa Pairings are attracting new lower-income guests. (See Papa John's International Insider Trading Activity on TipRanks) Saleh reiterated a buy rating on the stock with a price target of $100. We see several near- and long-term levers to drive shareholder value that have started to unfold and will allow Papa John's to again outperform peers, leading to our Buy rating," said Saleh.
When looking for companies with a winning earnings history, CNBC Pro reviewed data from Bespoke Investment Group to find names that beat per-share earnings estimates 75% of the time or more and had an average gain on earnings day of at least 1%. Shares are down almost 50% year to date, but have about 31% upside to the average analyst target price, according to FactSet. The bank has beaten Wall Street expectations 84% of the time and has an average 1.7% rally on earnings days. Citizens Financial's shares are down about 23% so far this year and has 20% upside from the average analyst price target, according to FactSet. The stock is down about 15% year to date and has about 16% upside to the average price target, according to FactSet.
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