In recent trading, shares of CONMED Corp (Symbol: CNMD) have crossed above the average analyst 12-month target price of $111.62, changing hands for $111.99/share. When a stock reaches the target an analyst has set, the analyst logically has two ways to react: downgrade on valuation, or, re-adjust their target price to a higher level. Analyst reaction may also depend on the fundamental business developments that may be responsible for driving the stock price higher — if things are looking up for the company, perhaps it is time for that target price to be raised. There are 8 different analyst targets within the Zacks coverage universe contributing to that average for CONMED Corp, but the average is just that — a mathematical average.
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