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加拿大皇家銀行表示，Zimmer Biomet受惠於銷售團隊的改進，2026年業績有望上漲。

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-- 加拿大皇家銀行資本市場（RBC Capital Markets）表示，儘管轉型相關的執行和業績指引方面的擔憂拖累了Zimmer Biomet（ZBH）的季度業績，但該公司銷售團隊效率的提升、穩定的終端市場以及持續的股票回購策略仍然對其股價構成支撐。 該公司正在美國調整市場進入模式，同時在新興市場轉型，積極投資創新，並進行重大的人才和銷售團隊調整。該券商週二在一份報告中指出，管理層將2026年定義為“轉型之年”，儘管第一季業績強勁，但仍未上調全年營收預期。 加拿大皇家銀行認為，近期股價下跌10%反映出該公司核心業務表現未達預期，且未能調高業績預期。此外，鑑於每股收益超預期主要得益於關稅退款，市場也對其獲利品質表示擔憂。同時，營收預期不變意味著第二季至第四季的業績將有所下降。 該行表示，市場也關注2027年的利潤率和每股收益成長，尤其是在今年獲得關稅退款的情況下。 2026 年業績指引有超出預期甚至上調的空間，主要得益於美國銷售團隊過渡期的利好、新產品上市以及 Paragon 28 自第二季度起帶來的內生成長貢獻。 加拿大皇家銀行 (RBC) 預測 Zimmer Biomet 2026 年銷售額將達到 85.6 億美元，接近其 1% 至 3% 成長預期的上限。 RBC 也預計每股盈餘 (EPS) 為 8.48 美元，這意味著 3.5% 的成長，但會受到收購相關稀釋和今年關稅優惠的影響。 RBC 維持對 Zimmer Biomet 的「跑贏大盤」評級，目標價為 101 美元。 Zimmer Biomet 股價週三下跌 2.5%。

Price: $80.76, Change: $-2.04, Percent Change: -2.46%

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