Stryker Gets Price Target Hikes By Analysts Following Upbeat Q1 Results

Stryker Corporation SYK reported better-than-expected earnings for its first quarter and increased its full-year profit outlook.

Stryker posted adjusted earnings of $2.14 per share, beating market expectations of $2.00 per share. The company’s quarterly sales came in at $4.80 billion versus estimates of $4.56 billion.

Stryker said it sees FY23 adjusted EPS of $10.05-$10.25.

Stryker shares dropped 4.6% to $286.00 in pre-market trading.

These analysts made changes to their price targets on Stryker following earnings announcement.

• Barclays raised the price target on Stryker from $314 to $321. Barclays analyst Matt Miksic maintained an Overweight rating.
• Wells Fargo raised the price target on Stryker from $285 to $336. Wells Fargo analyst Larry Biegelsen maintained an Overweight rating
• Baird increased the price target on Stryker from $287 to $315. Baird analyst Jeff Johnson maintained the stock with an Outperform.
• Canaccord Genuity boosted price target on Stryker from $250 to $295. Canaccord Genuity analyst Kyle Rose maintained a Hold rating on the stock.
• Piper Sandler raised price target on Stryker from $280 to $310. Piper Sandler analyst Matt O'Brien maintained the stock with an Overweight rating.

Now Read This: S&P Edges Lower Ahead of Fed's Decision; Market Volatility Increases