Benchmark Initiates Coverage on Exactech with Buy Rating, $21 PT

In a report published earlier today, the Benchmark Company, LLC initiated coverage on Exactech, Inc. (NASDAQ: EXAC) with a Buy rating and a price target of $21.00.

Benchmark went on to say “We believe that the total worldwide market for orthopedic products is in excess of $30 billion. We estimate that the worldwide market for hips, knees and spine products are in excess of $5.0 billion each. While the orthopedic market is a large multi-billion market, we believe that this market is positioned for long-term growth driven by the aging of the population. We believe that the aging of the population will drive an increase in the volume of orthopedic related surgical procedures and therefore an increase in the demand for EXAC's medical devices.”

Exactech, Inc. closed yesterday at $16.50.