Deutsche Bank Has Hold On Stryker (SYK)

Deutsche Bank has a Hold rating on shares of Stryker SYK after it reported earnings yesterday. In a note to clients, Deutsche Bank writes, "Stryker's hip sales were up 6% on a constant currency. US hips were up 7% indicative of traction with ADM and Rejuvenate while the OUS business returned to growth delivering a sales increase of 4% in constant currencies. Both the U.S. and European businesses showed sequential improvements in the year-over-year growth rates. Stryker's knee sales were up 3% on a constant currency basis. US sales were up 4% while OUS sales were up 2% constant currency, like hips both reflecting sequential improvement. Trauma sales were up 8% in constant currency with stronger growth in the US (up 12% than outside the U.S. (up 6% constant currency). Spine sales declined 3% worldwide on a constant currency basis as both the US (down 4%) and OUS business (flat) showed a deceleration in trend. Stryker's commentary regarding the market included an acknowledgement of a challenging U.S. pricing environment and net price and mix being negative." Shares of SYK gained 77 cents yesterday to close at $58.37, a gain of 1.3%.