UPDATE: Goldman Sachs Raises PT on Stryker Corporation on Completed Acquisition, Updated Model
In a report published Monday, Goldman Sachs reiterated its Buy rating on Stryker Corporation (NYSE: SYK), and slightly raised its price target from $71.00 to $72.00.
Goldman Sachs noted, “We update our model for the completed acquisition of Trauson Holdings and the announced $250mn ASR. Trauson is an orthopaedic device manufacturer headquartered in China with a primary focus on trauma and spine (77% of sales combined). 2012 revenue was around $75-80 million, growing at 25-30%. Stryker management indicated the transaction to be neutral to 2013E EPS and accretive thereafter. We believe there could be further upside to estimates should Stryker prove successful at leveraging Trauson's existing channels in China to sell a broader product suite.”
Stryker Corporation closed on Friday at $64.90.
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