10:55 AM EDT, 05/08/2024 (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 raise our 12-month target to $71 from $59, a 9.1x multiple of EV to our 2025 EBITDA estimate, a discount to GMED's historical average given uncertainty if full synergies will be realized following the NuVasive merger. We lift our 2024 EPS estimate to $2.82 from $2.69 and 2025's to $3.30 from $3.18. GMED posted Q1 EPS of $0.72 vs. $0.53, beating consensus by $0.14 driven by stronger-than-expected volume of spine product sales and enabling technology products and services. U.S. Spine grew 100% in Q1, above-market, with notable gains in expandables, biologics, and 3D printed implants. Shares are up considerably today (+26%) as GMED was able to lift its 2024 EPS guidance by 4% at the midpoint given the strong quarter's results and continued share repurchases (following dilution from the merger). We anticipate GMED will reach 40% of its $170M cost synergy goals in 2024 through contract renegotiations, facility consolidations, headcount optimization, systems consolidation, and reduced consulting expenses.