UPDATE: Citigroup Reiterates Neutral Rating, Raises PT on Stryker Corporation Following Mixed 2Q13 Results

In a report published Monday, Citigroup analyst Matthew J. Dodds reiterated a Neutral rating on

, and raised the price target from $72.00 to $78.00. In the report, Citigroup noted, “SYK had a good quarter, but missed consensus EPS and had to lower 2013 guidance due entirely to FX. SYK is now implementing a hedging program to minimize future risk, but it's arriving too late to provide cover in 2013. Sales of $2.21B (+5.1%) were roughly $15MM ahead of the Street and inline with our forecast. Excluding FX (-150bp), acquisitions (+60bp) and an extra selling day (+150bp), organic sales growth was 4.4% which should still be north of the peer group. Hips (+6% cc), Knees (+5% cc), and Trauma/Extremities (+17% cc) were all ahead of the Street and point to share gains as most competitors appeared to also have an extra selling day. SYK did better than expected in Medical (+10% cc) and appeared to gain share in Spine (+4% cc).” Stryker Corporation closed on Friday at $70.88.