Piper Jaffray Increases PT On SYK To $72

Piper Jaffray has raised its price target on Stryker Corp. SYK from $65 to $72 in light of diversified growth from the company. Says Piper Jaffray, in its report, “Stryker's analyst meeting set a positive tone for the company's businesses throughout 2011 and beyond, raising our confidence in improving top-line trends and operating leverage. We see new products across Stryker's major businesses as a mix of innovation and "filling gaps" in its portfolio, which in aggregate should enable Stryker to drive acceleration in revenue growth over the next 12-24 months. Ongoing improvements in operating efficiencies remain a key long-term driver for the stock and we have greater conviction that these efforts will provide greater financial flexibility and leverage in 2012 and 2013. As Stryker continues to deliver consistent and improving growth, we expect the market to continue to award the stock a more favorable relative valuation to other mature device providers with more concentrated businesses.” Piper Jaffray maintains its Overweight rating on the stock. SYK closed yesterday at $64.