UPDATE: Rodman & Renshaw Upgrades Stryker from Market Perform to Market OutPerform

Rodman & Renshaw has published a research report on Stryker Corporation SYK upgrading the medical device developer from Market Perform to Market OutPerform. In the report, Rodman & Renshaw wrote, "We are upgrading Stryker to a Market OutPerform rating and a 12-month PT of $56. Our PT is derived using a relative valuation methodology of forward P/E. Stryker, based on a historical analysis since 2005 has usually traded at a 15% premium on a forward basis to the broader medtech universe P/E." Rodman & Renshaw upgraded Stryker from Market Perform to Market OutPerform with a price target of $56. Stryker closed Friday at $48.54.