Globus Medical (GMED) Soars 38.9% on Stellar Q3

We recently published 10 Stocks Soaring Past Expectations. Globus Medical Inc. (NYSE:GMED) is one of the big names that led last week’s charge.

Globus Medical soared by 38.9 percent week-on-week as investors took path from bullish analyst ratings and a stellar earnings performance in the third quarter of the year.

Last Friday, Globus Medical Inc. (NYSE:GMED) earned a “buy” recommendation from BofA Securities, an upgrade from its “neutral” rating previously, as well as a new price target of $91 versus the $65 prior. The new price target marked a 47 percent upside potential from its closing price of $61.71 prior to the report.

A medical technician holding the instruments in her hands

Meanwhile, the company also earned a $79 price target from Wells Fargo, an upgrade from the $66 prior.

The analyst coverage followed Globus Medical Inc.’s (NYSE:GMED) earnings performance in the third quarter of the year, with net income soaring by 129 percent to $118.97 million from $51.84 million in the same period last year. Net sales also grew by 22.9 percent to $769 million from $625.7 million year-on-year.

For the full-year period, Globus Medical Inc. (NYSE:GMED) raised its revenue guidance to a range of $2.86 billion to $2.9 billion, marking a higher lower end versus the $2.80 billion previously.

“We are pleased with the strength of our overall results and continued progress throughout the company,” said President and CEO Keith Pfeil. “Looking ahead, we remain focused on finishing 2025 strong, with a clear path toward consistent organic growth through innovation, disciplined execution and delivering differentiated technologies that improve patient outcomes.”

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.