Market Overview

UPDATE: Citigroup Raises PT on Stryker Following Mixed 2Q13 Results

Related SYK
Benzinga's M&A Chatter for Monday November 24, 2014
Smith & Nephew Gains On Rumor Of New Stryker Bid
Google Leads Funding in Virtual Reality Startup (Fox Business)

In a report published Monday, Citigroup analyst Matthew J. Dodds reiterated a Neutral rating on Stryker (NYSE: SYK), 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 closed on Friday at $70.88.

Latest Ratings for SYK

DateFirmActionFromTo
Dec 2014Leerink SwannMaintainsOutperform
Dec 2014Goldman SachsUpgradesBuyConviction Buy
Nov 2014JP MorganMaintainsOverweight

View More Analyst Ratings for SYK
View the Latest Analyst Ratings

Posted-In: Citigroup Matthew J. DoddsAnalyst Color Price Target Analyst Ratings

 

Related Articles (SYK)

Around the Web, We're Loving...

Get Benzinga's Newsletters