康科德下跌，李约瑟下调评级至持有

2025-06-12 22:31

Needham has downgraded Conmed (NYSE:CNMD) to hold from buy citing a decline in its long-term growth rate.
The firm also removed its price target.
Analyst Mike Matson attributed the slowdown to lower AirSeal and Buffalo Filter growth.
"And slower revenue growth is likely to mean more gradual margin improvement and slower EPS growth," he wrote. "We now believe that CNMD's long-term growth profile is 4-6% organic revenue growth with 10-12% EPS growth."
He noted that management has backed away from earlier projections of double-digit growth and now expects 4%-9% growth.
Matson added that the company is also facing growing competition, mentioning AirSeal growth has been negatively impacted by the launch of Intuitive Surgical's (ISRG) da Vinci 5 with an integrated insufflator. Buffalo Filter growth has slowed due to competition from Johnson & Johnson (JNJ), Medtronic (MDT), and Stryker (SYK).
Conmed is down ~3% in Thursday morning trading.

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