Analyst Travis Steed of Bank of America Securities maintained a Buy rating on Stryker, retaining the price target of $450.00.
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Travis Steed has given his Buy rating due to a combination of factors that highlight Stryker’s strong performance and strategic initiatives. Stryker has demonstrated a consistent track record in the medtech sector, achieving its long-range plans, and is targeting significant margin expansion and double-digit EPS growth by 2028. The company is also focusing on maintaining a high free cash flow conversion rate and is prepared to justify any sizable mergers or acquisitions to investors, ensuring they meet their financial targets.
Moreover, Stryker’s strategic focus on mergers and acquisitions in healthcare IT and cardiovascular sectors, along with exploring new areas such as urology and neuromodulation, positions it well for future growth. The company’s robust balance sheet supports its readiness for potential deals, emphasizing the acquisition of scalable technology over distressed assets. Additionally, Stryker’s unveiling of innovative products like the Mako RPS handheld ortho robot, which has received positive feedback from surgeons, further strengthens its market position and growth prospects.
Steed covers the Healthcare sector, focusing on stocks such as Medtronic, Boston Scientific, and Intuitive Surgical. According to TipRanks, Steed has an average return of 6.8% and a 58.89% success rate on recommended stocks.
In another report released yesterday, TD Cowen also maintained a Buy rating on the stock with a $435.00 price target.