Conmed Corporation (CNMD)
by Zacks Equity ResearchOctober 09, 2012 | Comments : 0 Recommended this article: (0)
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The company competes in the orthopedic surgery market against much larger, more technically-competent companies with deeper pockets. It continues to face a weak capital purchasing environment. We are also keeping an eye on Conmed's multiple given the current headwinds.
Thus, we downgrade our recommendation on Conmed to Underperform with a price target of $27 based on 15.3x our fiscal 2012 earnings estimate. Over the last five years, the company's shares have traded in a range of 8.9x to 22.6x, trailing 12-month earnings.
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