Nomura Securities Starts Zimmer Biomet (ZBH) at Buy
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Zimmer Holdings (ZBH) Added to Jefferies Franchise Picks
March 16, 2016 7:25 AM EDTJefferies analyst, Raj Denhoy added Zimmer Holdings (NYSE: ZBH) to the firm's franchise pick list because of its access to a large pool of overseas Biomet cash to use for value adding initiatives. No change to Buy rating or $129 PT based on 15x 2017 EPS,
Zimmer can access $6.9bn of OUS cash, which, when combined with US cash flows and netting out debt repayments and other commitments, gives Zimmer $4.7bn for value creating activities over the next five years. There are several ways Zimmer can access unremitted foreign earnings. These... More
