Piper Sandler on Stryker (SYK): 'We Encourage Investors to Build Positions in the Name'

Piper Sandler analyst Matt O'Brien reiterated an Overweight rating and $420.00 price target on Stryker (NYSE: SYK).

The analyst commented: "At the mid-November investor day, SYK gave investors a brief teaser of a new handheld orthopedic robot but failed to provide many concrete details on the product. However, we recently came across the device’s patent filing which has given us a bit more color on what the device entails. Piecing together findings from the document and insights from a physician who has seen the device, we believe Mako RPS will likely be used to establish a greater presence in lower-cost settings, primarily the ASC and certain international markets. We estimate a 30-bps revenue contribution to ’28 consensus estimates, and believe the product will help SYK compete against ZBH and its THINK Surgical partner in these settings. Despite a more-limited feature set, we expect the product will allow SYK to go after an additional surgeon set that it wouldn’t otherwise able to capture, further securing its dominant position in the market.

Shares of SYK are up ever so slightly year-to-date but were down about 10% last year. We anticipate the company will continue to deliver strong overall results (including Q4, which they report this Thursday), along with selective M&A, which should bolster the financial performance of the business. We continue to rate the stock Overweight and encourage investors to build positions in the name. "

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 $356.98 yesterday.

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