J.P.Morgan Chase & Co. is lowering its outlook on the orthopedic implant market, and thus lowering its price target on shares of Stryker Corporation (NYSE:

), Zimmer Holdings, Inc. (NYSE:

) and Wright Medical Group, Inc. (NASDAQ:

). J.P. Morgan now has a price target on Stryker at $49, down from $58. It also lowered its target on Zimmer to $58 from $63, and Wright was lowered to $17 from $21. In the research report, J.P. Morgan writes, "We’ve lowered our forecast for US and Global knee market growth by 200bps this quarter from 3.5% to 1.5% (

) and from 3.8% to 1.8% (Global). For the hip market, we’ve lowered our forecast by 100bs from 2.0% to 1.0% (

) and from 3.1% to 2.1% (global)." It went on to say, "The impact of the model cuts is to lower our 3Q forecasts for SYK, ZMH, and WMGI. We are lowering our SYK 3Q top-line forecast to $1,732M (+4.8%), which is $10M below our prior forecast and $21M shy of consensus (120bps). Our 3Q EPS projection is $0.76 (+9.6%), down $0.01 and now a penny below consensus. For ZMH, we are lowering our 3Q revenue forecast by $11M to $990M (+1.5%) with EPS moving a penny lower to $0.94 (+6.8%). This puts us $9M (90bps) and $0.02 below consensus. Finally, on WMGI, we’re lowering our revenue forecast by $2M to $123.7M (+5.1%) with our EPS estimate moving a penny lower to $0.21 (+10.5%)." Shares of all three companies traded higher today, as the broader markets skyrocketed after stronger than expected GDP growth, and reassuring comments from the Federal Reserve.