Stryker Bull Expects Upside For Medtech Stock In '24, Ortho To Be 'Higher For Longer'

Shares of Stryker Corp SYK continued to rise in early trading on Tuesday, after ending last week with gains.

While the company is more optimistic about margins, the stock is yet to reflect this due to “all the negative sentiment on medtech,” which offers “an opportunity now ahead of the 2024 upside,” according to BofA Securities.

The Stryker Analyst: Travis Steed upgraded the rating for Stryker from Neutral to Buy, while raising the price target from $310 to $315.

Check out other analyst stock ratings.

The Stryker Thesis: The company has several product launches planned and these could boost its revenue growth by 100-200 basis points, Steed said in the upgrade note.

“Better pricing on new products/ortho and better supply chain/spot buying give us confidence in margins,” the analyst wrote.

Apart from Stryker’s new product “super-cycle,” the company has capital visibility “well into 2024,” and ortho is likely to be “higher for longer (multi-year backlog and better pricing),” he added.

SYK Price Action: Shares of Stryker had risen by 0.80% to $286.69 at the time of publication Tuesday.

Image: Pixabay

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
date
ticker
name
Price Target
Upside/Downside
Recommendation
Firm
Posted In: Analyst ColorUpgradesPrice TargetTop StoriesAnalyst RatingsBofA SecuritiesExpert Ideas
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!