By Doug Madison
Zacks Investment Research upgraded shares of CONMED (NASDAQ:CNMD) from a strong sell rating to a hold rating in a research note issued to investors on Thursday morning, AnalystRatingsNetwork.com reports.
According to Zacks, “We are disappointed with CONMED’s third quarter results which fell short of expectations on both the top and the bottom-line front.. Sales were hurt by volatile foreign exchange and we believe that it will remain a major overhang for CONMED in 2015 as well. The company, we feel, has its work cut out to improve visualization sales in the international markets. CONMED lowered its constant currency sales growth guidance at 0% to 1%. Although new product launches and reorganization of certain aspects of the commercial sales organization are positive declining margins also pose a major concern for the company.”
Shares of CONMED (NASDAQ:CNMD) traded up 0.84% during trading on Thursday, hitting $42.17. 15,771 shares of the company were exchanged. CONMED has a 12 month low of $37.94 and a 12 month high of $60.66. The company’s 50-day moving average price is $44.04 and its 200 day moving average price is $52.43. The stock has a market cap of $1.17 billion and a P/E ratio of 34.57.
