2023-04-11 11:21:20 ET
- An upgrade from Evercore ISI sent shares of Zimmer Biomet ( NYSE: ZBH ) higher Tuesday as the firm pointed to a positive update regarding a proposal the company has forwarded to the Centers for Medicare and Medicaid Services (CMS).
- The analyst Vijay Kumar raised his rating on the orthopedic product manufacturer to Outperform from Inline, arguing that CMS has agreed to the company's proposal to introduce a new tech add-on payment for a smart implant used in knee surgeries.
- Warsaw, IN-based Zimmer ( ZBH ) markets the Persona IQ knee implant, considered as the first "smart" knee implant used for total knee replacement surgery.
- Kumar, who lifted his price target on ZBH to $148 from $135, argued that the update brings visibility to the company's more robust growth forecast.
- Meanwhile, in a separate note on Tuesday, Barclays reiterated the Underweight rating and $105 per share target on ZBH, seeking, among other things, updates on the company's newer products, including Persona IQ, during the upcoming Q1 2023 earnings call in May.
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Zimmer Biomet gains as Evercore ISI upgrades citing Medicare update