Seeking Alpha

Globus Medical falls on Goldman downgrade

  • "We see the recent Aetna policy change to deny coverage for cervical interbody devices as shaving approximately 0.8%-0.9% off of our prior 2014 revenue estimates alone," Goldman's David Roman says, adding that the figure "could become more meaningful if additional commercial payers follow suit."
  • Globus Medical (GMED) is downgraded to Neutral from Buy and Goldman's FY14, FY15, and FY16 revenue projections are cut by 0.9%, 1%, and 1.4% respectively.
  • Price target cut to $18 from $19.
  • GMED -3.6% premarket.
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