The modeled fair value estimate for CONMED has been reduced from US$48.40 to US$39.60, aligning more closely with a US$40 price target cited in recent research. BofA analyst Travis Steed downgraded the stock from Neutral to Underperform, arguing that when money rotates back into medtech, it is more likely to favor higher-growth, larger-cap peers. BofA previously cut its CONMED price target from US$52 to US$40, citing limited product cycle catalysts, concerns around healthcare utilization and inflation, and a view that investor attention is currently skewed toward data center related spending rather than medical devices. The fair value revision reflects a long-term revenue growth assumption adjusted from 5.05% to 3.24%, a modeled net profit margin change from 10.80% to 12.44%, an assumed future price-to-earnings multiple moved from 11.57 times to 7.40 times, and a discount rate revised from 9.17% to 9.09%.
CONMED CorporationAnalyst downgrade and fair value estimate cut due to cautious outlook on growth and sector rotation.