SYK Reports Solid Results For Q4, Strong Internal Growth Expected In 2010
Analysts at Northcoast Research maintain their "buy" rating on Stryker Corp (NYSE: SYK). The target price for SYK is set to $65.
According to Northcoast Research, Stryker reported its 4Q09 revenues ahead of the estimates, driven by stronger-than-expected internal growth in the company’s MedSurg Equipment division. The EPS was inline with the expectations.
“In FY10, we expect SYK to achieve strong internal growth improvement led by improved results in its MedSurg Equipment division,” the analysts mention. “Moreover, with our expectation for continued progress on its FDA warning letters and better internal growth, we believe Stryker should benefit from low double-digit FY10 earnings growth and modest multiple expansion to achieve our $65 price target,” Northcoast Research adds.
