UPDATE: Stifel Nicolaus Initiates Stryker Corporation at Buy on Valuation

Stifel Nicolaus initiated coverage on Stryker Corporation

with a Buy rating and a $65 price target. Stifel Nicolaus noted, "The recent appointment of CEO, Kevin Lobo, formerly head of Stryker's Reconstructive Products Division, ends an extended period of leadership uncertainty. … On an absolute basis, SYK trades at 12.2x and 6.5x our 2013 EPS and EBITDA (EV/EBITDA) estimates, respectively. These current multiples represent discounts to the average SYK P/E and EV/EBITDA multiples, since 2009, of 13.8x and 8.0x, respectively." Stryker Corporation closed at $52.10 on Monday.