UPDATE: Credit Suisse Downgrades Stryker Corporation to Neutral on Valuation

Credit Suisse downgraded Stryker Corporation SYK from Outperform to Neutral. Credit Suisse said, "We're downgrading SYK to Neutral from Outperform following the stock's recent strong performance, which leaves < 10% upside relative to our unchanged $67 price target. We continue to like SYK's diversified business model, strong FCF generation ability & solid long-term sales growth profile, and do not see SYK shares as particularly expensive (currently trades at 13.3X our 2014 estimate, slightly below the last 5-year average of 13.9X); however, we believe further mid-term valuation / EPS upside is likely to require developments not incorporated in our current forecasts such as above trend-line WW hip/knee market performance, rapid and dramatic improvement in OUS hip/knee execution, &/or added M&A, perhaps in the emerging markets." Stryker Corporation closed at $63.06 on Wednesday.