Zimmer Biomet price target raised to $106 from $99 at Credit Suisse

Credit Suisse analyst Matt Miksic raised the firm's price target on Zimmer Biomet (ZBH) to $106 from $99 and keeps an Underperform rating on the shares. The analyst notes that the company's Q3 beat was to some degree expected, due to the swell in recovering elective surgery procedures reported across his universe throughout the Q3 earnings cycle. That said, Zimmer outperformed in new Rosa robot installs, showing continued success of its volume-commitment contracting and placement strategy, he adds. While the company is making progress on this front, Miksic continues to view the challenge of neutralizing the risk from Stryker's (SYK) MAKO platform as a heavy lift, which will likely only become heavier as the latter moved forward with the launch of its robotic shoulder system for MAKO, given how important that business is to Zimmer.