BofA Securities Downgrades CONMED (CNMD) to Underperform

BofA Securities analyst Travis Steed downgraded CONMED (NYSE: CNMD) from Neutral to Underperform with a price target of $40.00.

The analyst comments "We downgrade CNMD to Underperform from Neutral as we reevaluate its relative position in our coverage. We think CNMD underperforms other medtech stocks in our coverage over a 1-year period. When dollars come back into medtech we think it’ll gravitate towards higher growth, quality, large caps that are trading a historically low valuations and single product SMIDs with high growth/large TAMs/numbers upside. CNMD is neither. We update our model. Our 2027 organic growth goes to 4.5% from 5.8% prior. Our 2027 EPS goes to $4.54 (below Street’s $4.79) from $4.67 prior. We keep our PO of $40, same 9x PE multiple (in line with large cap MSD growers) but we move our EPS out to 2027 EPS from 2026 given the calendar."

For an analyst ratings summary and ratings history on CONMED click here. For more ratings news on CONMED click here.

Shares of CONMED closed at $35.95 yesterday.

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