These Analysts Revise Their Forecasts On CONMED After Q4 Results
Portfolio Pulse from Avi Kapoor
CONMED Corporation (NYSE:CNMD) reported Q4 earnings below market expectations, with adjusted earnings of $1.06 per share against estimates of $1.11 and sales of $327.05 million versus expected $332.20 million. Despite this, the company saw significant year-over-year growth in both domestic and international revenues. CONMED's CEO highlighted the year's success and the company's outlook for 2024, projecting revenue between $1.340 billion and $1.365 billion and adjusted earnings per share of $4.30 to $4.40. Following the report, Needham raised its price target for CONMED from $119 to $129, while Wells Fargo reduced its target from $107 to $98.
February 01, 2024 | 1:42 pm
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POSITIVE IMPACT
CONMED Corporation reported lower-than-expected Q4 earnings and sales but showed strong year-over-year growth. The company has a positive outlook for 2024, with projected revenue and earnings growth. Analysts have revised their price targets accordingly.
Despite the earnings miss, CONMED's strong year-over-year growth and positive outlook for 2024 suggest potential for stock appreciation. Analyst revisions of price targets, especially Needham's increase, further support a positive short-term impact on CNMD's stock price.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100