Gabelli will now cover Globus Medical, a spine-focused medical device company, according to a WKRB News & Analysis report.
Gabelli initiated coverage on Tuesday and set Globus' target as $30 per share. The company also gave Globus Medical a "buy" rating and placed the target price points to a potential upside of 61.73 percent from current price.
But Gabelli isn't the only group of analysts getting in on the action. Oppenheimer reiterated an "outperform" rating on Globus shares with a target price at $24, which was down from the previous number, $28. In early August, WallachBeth Capital also went from a "hold" rating to a "buy" rating and lowered stock price from $27 to $24.
Second quarter worldwide sales for the company were up 6.1 percent over the same period last year, and net income increased from $7.4 million in 2013 to $20.6 million in 2014 during the second quarter. United States sales were up and the company launched five new products in the quarter. The company now expects full year net sales to reach $460 million to $465 million with full year Non-GAAP diluted earnings per share guidance unchanged at $0.90 to $0.92 per share of common stock.
On Aug. 21, Globus stock opened at $18.72 per share with a 52 week range of $16.29 to $27.14. The company's market cap is $1.7 billion, according to a Yahoo Finance report.