UPDATE: Piper Jaffray Cuts PT to $65 on Stryker

Piper Jaffray lowers its price target from $67 to $65 on Overweight-rated Stryker SYK to reflect temporary dip in US Medical. Piper Jaffray says, "We expect investors to be pleased with SYK's 1Q12 results, and we expect the stock to react accordingly. We have adjusted our estimates to reflect the outperformance in Q1, although we remain comfortably in the range of management guidance for the year. Despite the positive performance in ortho in Q1, we suspect management will want to see a series of reporting improving ortho growth before upping guidance. In the meantime, as evidence mounts in favor of a recovering ortho market, we expect the stock to continue to reflect improving market sentiment towards ortho and other utilization-oriented device names." SYK closed at $54.89 on Tuesday.