Canaccord Genuity Reiterates a 'Buy' on Stryker (SYK); CEO Abruptly Departs; Underlying Business Solid

Canaccord Genuity reiterates a 'Buy' on Stryker (NYSE: SYK) price target of $67.50.

Analyst, William J. Plovanic, said, "We reiterate our rating following the unexpected announcement that Stryker CEO and Chairman Steve MacMillan has resigned effective immediately, citing family reasons. While we note the abrupt nature of the departure may have a near-term effect on the company’s shares, we believe fundamentals are solid. Furthermore, we continue to believe the company’s remaining senior leadership, product pipeline and diversification position it well for continued success."

For an analyst ratings summary and ratings history on Stryker click here. For more ratings news on Stryker click here.

Shares of Stryker closed at $54.75 yesterday, with a 52 week range of $43.73-$65.21.

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