TD Cowen has opened coverage on Globus Medical (NYSE:GMED) with a Buy rating and set a price target of $110.00, according to a research note published Monday. The target positions the stock above recent trading levels, with InvestingPro data showing GMED near its 52-week high of $101.40, a market capitalization of $12.43 billion and a current price-to-earnings ratio of 30.25.
The initiation comes after a period in which the market sentiment around Globus Medical had been notably negative. TD Cowen, however, believes the company retains upside potential even as investors increasingly recognize its long-term earnings power. The firm pointed to the shares’ 69.82% price gain over the past six months and a Piotroski Score of 9 - a metric indicating strong financial health - as signals underpinning its constructive view.
In its research note, TD Cowen identified several domains where it sees material opportunity for further improvement. The firm singled out enabling technologies, international markets and Globus Medical’s Nevro business segment as areas with “wood-to-chop” - language indicating scope for operational and strategic progress. TD Cowen expressed confidence that the company can enact meaningful change in these areas, which could support double-digit top-line growth in coming years if realized.
The $110 price target implies the potential for both revenue-driven upside and multiple expansion, TD Cowen said, noting that valuation could re-rate as the company executes on growth initiatives and demonstrates sustained earnings improvement.
Already, recent results have reinforced the optimistic analyst reaction. Globus Medical reported preliminary fourth-quarter 2025 revenue of approximately $823.2 million, a 25.2% increase from the comparable period in 2024. That figure outstripped consensus expectations of roughly $778 million. Core revenues for the quarter reached $723 million, representing 10% year-over-year growth.
Following the preliminary results, several firms adjusted their views. Canaccord Genuity raised its price target to $112 while maintaining a Buy rating, and Jefferies increased its target to $115, also keeping a Buy. Stifel moved its target to $90 and remained at a Hold rating, reflecting greater confidence in the company’s near-term performance. Citizens reiterated a Market Perform rating and highlighted the company’s preannouncement of fourth-quarter revenue and its initial guidance for 2026.
Globus Medical’s full-year 2025 sales are expected to reach approximately $2.936 billion, which would represent a 16.5% increase compared with the prior year. Those results and subsequent analyst adjustments point to a favorable near-term financial profile even as investors and analysts continue to monitor execution across the growth opportunities identified by TD Cowen.
TD Cowen’s initiation adds to a broader patchwork of analyst sentiment that ranges from Buy to Hold and Market Perform, reflecting both confidence in recent momentum and caution about execution risk in the areas highlighted for improvement. The firm’s assumptions rest on the company’s ability to translate its financial strength and recent top-line momentum into sustainable, higher-growth outcomes.
Investors tracking GMED will likely weigh the potential for double-digit revenue growth and multiple expansion against the specific operational tasks TD Cowen indicated need attention - enabling technologies, international expansion and the Nevro segment. How management addresses these areas will be central to whether the $110 target and associated upside materialize.