BUZZ-J.P.Morgan upgrades Bioventus to 'neutral' on improved growth visibility, execution

Reuters
2024-12-18

** Brokerage J.P.Morgan upgrades medical product maker Bioventus to "neutral" from "underweight", raises PT to $13 from $12

** Notes better visibility into co's growth; says co has taken steps in the right direction to stabilize and restore growth

** Says 2024 marked return to stability for co, with knee-therapy-related headwinds now lapped and fully in rearview and "pockets of strength" in areas including Ultrasonics

** Expects deals, while likely off the table for co in near to midterm future, could get investors confident in driving upside to numbers

** Says M&A has historically been a key factor in co's growth algorithm given its limited organic pipeline

** Also says the significant amount of debt in co's balance sheet could limit more strategic uses of capital

** Two of three brokerages rate the stock "buy", and one "hold"; with a median PT of $15

** Up to last close, stock has gained 112% YTD

(Reporting by Neil J Kanatt in Bengaluru)

((Neil.JKanatt@thomsonreuters.com;))

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