Canaccord Genuity Believes Globus Medical (NYSE: GMED) Still Has Room to Grow

By Jason Carr

Canaccord Genuity analyst Kyle Rose maintained a Buy rating on Globus Medical (NYSE: GMED) yesterday and set a price target of $53. The company’s shares opened today at $51.54, close to its 52-week high of $52.18.

Rose said:

“We recently had the opportunity to host a fireside chat with Globus, as well as visit the company’s booth during the AAOS conference and came away incrementally more confident in the growth opportunities ahead of the company. Specifically, early feedback and success with the ExcelsiusGPS system reinforce our view that the robotic platform can provide a tailwind to an improving core US spine business. In trauma, we were encouraged by the early excitement around the initial product launches – including 6 recently cleared systems to complement the 5 launched at OTA back in October – which we expect to develop into a growth driver in 2019 and beyond. Net, net, while the valuation certainly reflects continued execution in 2018, we are increasingly optimistic that the improving fundamentals in the core US spine business, early success in robotics, and OUS momentum are capable of delivering continued upside to current guidance – thus supporting continued share appreciation.”

According to, Rose is a 4-star analyst with an average return of 10.4% and a 54.2% success rate. Rose covers the Healthcare sector, focusing on stocks such as ReShape Lifesciences Inc, Obalon Therapeutics Inc, and Zimmer Biomet Holdings.

Globus Medical has an analyst consensus of Moderate Buy, with a price target consensus of $49.57.

The company has a one-year high of $52.18 and a one-year low of $27.07. Currently, Globus Medical has an average volume of 653.1K.

Based on the recent corporate insider activity of 7 insiders, corporate insider sentiment is negative on the stock. Earlier this month, David Davidar, a Director at GMED sold 70,000 shares for a total of $3,535,000.

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Globus Medical, Inc. is a medical device company, which engages in developing products that promote healing in patients with musculoskeletal disorders. It classifies products into Innovative Fusion and Disruptive Technology. It operates through the United States and International geographical segments. The company was founded by David C.