04:40 AM EST, 02/29/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We adjust our target price by $1 to $30, implying 16.9x our 2024 earnings per ADS, in line with its 3-year average. Q4 2023 underlying revenue grew 6.4% Y/Y, led by the Sports Medicine & ENT (despite facing headwinds from the volume-based procurement, VBP) and Advanced Wound Management segments, while Orthopaedics was held back by the weaker performance in Knee Implant in the U.S. Going forward, we expect new products launches along with productivity improvements from its 12-Point Plan to support growth, though mindful of the headwinds from the ongoing implementation of VBP within the Sports Medicine segment as well as cost inflation. For 2024, we forecast revenue to grow 5% and trading margin to improve by around 0.5%-pts to 18% (2023: +0.2%-pts on better productivity and operating leverage), in line with management guidance. We revise our 2024 earnings per ADS slightly to $1.78 (from $1.80) to adjust for the latest result and introduce our 2025 estimate of $2.00.