Market Overview

UPDATE: Oppenheimer Downgrades Stryker to Perform on Lowered Guidance

Related SYK
Brean Digs Into Osiris Therapeutics 10Q, Downgrades To Sell
Earnings Scheduled For October 22, 2015

Oppenheimer reduced its rating on Stryker (NYSE: SYK) from Outperform to Perform and reduced its price target from $61 to $57.

Oppenheimer commented, "Last night, SYK lowered guidance for 2012/2013 EPS as mgmt is giving itself more room to make required investments for long-term growth. The lowered guidance isn't a shock in light of the announcement of new CEO Kevin Lobo in early October. More important, in our view, are the hospital capital spending headwinds SYK's MedSurg business continues to face, execution risk in turning around the Europe business and a new product launch from ZMH in knees. We see valuation, a strong neurovascular opportunity and solid balance sheet as supportive of the shares. Lower visibility near-term/lack of catalysts move us to the sidelines."

Stryker closed at $52.82 on Wednesday.

Latest Ratings for SYK

Nov 2015Goldman SachsDowngradesBuyNeutral
Nov 2015CitigroupInitiates Coverage onSell
Nov 2015Sterne Agee CRTInitiates Coverage onNeutral

View More Analyst Ratings for SYK
View the Latest Analyst Ratings

Posted-In: OppenheimerAnalyst Color Downgrades Intraday Update Analyst Ratings


Related Articles (SYK)

View Comments and Join the Discussion!

Get Benzinga's Newsletters