Wunderlich Securities Reiterates Hold Rating on Stryker Corporation (SYK)

Wunderlich Securities is out with a research report this morning, where it reiterates its Hold rating on Stryker Corporation SYK; it has a $56.00 price target on the stock, up from $54.00. The WS analysts cited SYK's pre-announced Q4 earnings results, which were “solid.” The company also gave favorable 2011 guidance, which calls for constant currency sales growth of 11%-13% and EPS of $3.65 to $3.73, a 10%-13% increase over revised 2010 guidance. As for valuation, the analysts remarked, “We are increasing our price target modestly to $56 per share, reflecting a PEG ratio of 1.3x on our revised 2011 forecast. This is somewhat more optimistic than our prior PEG range of 1.1x to 1.2x.”