Deutsche Bank Maintains Hold on Stryker

Deutsche Bank is out with its report today on Stryker SYK, maintaining Hold. In a note to clients, Deutsche Bank writes, "The quarter was mixed. On the good side, organic growth did accelerate to nearly 6% from 1Q's 4% though it was driven by unusually strong Medical (bed/stretcher) sales. On the not-so-good side, margins compressed driven by FX variability (particularly on the gross margin line), tax settlements, litigation, and acquisitions. If not for the margin performance, we would have been more encouraged by the quarter. Given the stock's relative valuation and maintained guidance, we think the stock is fairly valued and maintain our Hold." Deutsche Bank maintains a $61 PT on SYK. At the time of posting, shares of SYK were trading pre-market at $59.23, up 0.12% from Tuesday's close.