Gabelli Begins Coverage on Globus Medical (GMED)
Gabelli initiated coverage on shares of Globus Medical (NASDAQ:GMED) in a research note issued on Tuesday. The firm set a “buy” rating and a $30.00 price target on the stock. Gabelli’s price objective would indicate a potential upside of 64.84% from the company’s current price.
Shares of Globus Medical (NASDAQ:GMED) opened at 18.20 on Tuesday. Globus Medical has a 52-week low of $16.29 and a 52-week high of $27.14. The stock has a 50-day moving average of $21. and a 200-day moving average of $23.76. The company has a market cap of $1.718 billion and a price-to-earnings ratio of 20.97.
Globus Medical (NASDAQ:GMED) last posted its quarterly earnings results on Tuesday, August 5th. The company reported $0.23 earnings per share for the quarter, meeting the analysts’ consensus estimate of $0.23. The company had revenue of $113.60 million for the quarter, compared to the consensus estimate of $119.83 million. During the same quarter last year, the company posted $0.21 earnings per share. Globus Medical’s revenue was up 6.2% compared to the same quarter last year. On average, analysts predict that Globus Medical will post $0.92 earnings per share for the current fiscal year.
A number of other firms have also recently commented on GMED. Analysts at Oppenheimer reiterated an “outperform” rating on shares of Globus Medical in a research note on Wednesday, August 6th. They now have a $24.00 price target on the stock, down previously from $28.00. Separately, analysts at WallachBeth Capital upgraded shares of Globus Medical from a “hold” rating to a “buy” rating in a research note on Wednesday, August 6th. They now have a $24.00 price target on the stock, down previously from $27.00. Finally, analysts at Piper Jaffray cut their price target on shares of Globus Medical from $28.00 to $26.00 in a research note on Wednesday, August 6th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $24.86.
Globus Medical, Inc (NASDAQ:GMED) is a medical device company focused on the design, development and commercialization of products that promote healing in patients with spine disorders.
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