Needham Upgrades Stryker (SYK) to Buy

Needham analyst Mike Matson upgraded Stryker (NYSE: SYK) from Hold to Buy with a price target of $392.00.

The analyst comments "We expect new product launches combined with SYK's capital equipment backlog to allow it to deliver upside to consensus revenue estimates and overcome any potential recon market slowdown. SYK expects significant margin improvement in 2024-2025; while we don't expect much upside to its margin targets, we expect revenue upside to translate into EPS upside. SYK also expects to increase its M&A activity, and we expect deals to serve as positive catalysts. We find SYK shares attractive considering its potential for double-digit organic revenue growth and upgrade our rating to Buy from Hold."

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 $330.51 yesterday.

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