Conmed slips after Needham downgrade

Medical tech firm Conmed CNMD.N slips 2.6% premarket to $55.5 after Needham downgrades to "hold" from "buy"

Brokerage says co's long-term growth rate has decreased, meaning slower EPS growth with debt levels limiting its ability to expand new growth drivers or repurchase shares

Needham adds that it defended CNMD for trading at substantial discount to peers but co's price-to-earnings ratio nearing that of peers led to rating cut

Average rating of six analysts is "hold"; median PT is $61 - data compiled by LSEG

As of last close, CNMD down 16.8% YTD