Why Analysts Raised Their Target Prices on WMGI Stock in August


Nov. 20 2020, Updated 9:32 p.m. ET

Analysts’ recommendations

Wright Medical Group (WMGI) is a Netherlands-based medical device company with operations worldwide. It is focused on providing extremities and biologics solutions. The company announced the acquisition of Cartiva, which could help the company expand its lower extremities portfolio. For details, read How the Cartiva Acquisition Could Benefit Wright Medical.

In this article, we’ll look at Wright Medical Group’s recent recommendations and 12-month target prices from Wall Street analysts.

On August 31, Reuters surveyed 15 analysts covering WMGI stock. All of these analysts have a “buy” or “strong buy” recommendation on WMGI stock except one, which has a “hold” recommendation on the stock. None of the analysts provided a “sell” recommendation to Wright Medical.

The above chart shows analysts’ recommendation summary for WMGI stock over the last few months.

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Target prices

On August 31, Wright Medical Group had a consensus 12-month target price of $32.07 per share. This target price represents a 12-month return potential of 9.9% based on the stock’s closing price of $29.17 on August 30.

Rating revisions and updates

On August 28, BMO raised its recommendation on Wright Medical Group from “market perform” to “outperform” and raised its target price on the stock from $29 to $30. Wells Fargo (WFC) and Jefferies (JEF) also raised their target prices on WMGI stock from $20 to $30 and from $30 to $31, respectively, on the same day. Needham also raised its recommendation on Wright Medical Group on the same day from “hold” to “buy.”

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