Morgan Stanley analyst Patrick Wood maintained a Buy rating on Stryker today and set a price target of $445.00.
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Patrick Wood has given his Buy rating due to a combination of factors that highlight Stryker’s strong performance and strategic positioning. The company has shown robust quarterly results, with most divisions surpassing expectations, although slightly below some market anticipations. Management’s confidence in achieving a 10% growth in the next quarter, alongside a positive outlook for the medical division’s rebound, supports a favorable growth trajectory.
Additionally, Stryker’s strategic focus on mergers and acquisitions is a significant factor in Wood’s rating. The completion of recent acquisitions aligns with the company’s goal to enhance its portfolio and growth potential. With a strong balance sheet and a healthy pipeline of deals, Stryker is well-positioned to continue its M&A activities, which management has prioritized as a primary use of capital. This strategic approach, coupled with a stable market environment, underpins the Buy rating.
According to TipRanks, Wood is an analyst with an average return of -0.5% and a 52.90% success rate. Wood covers the Healthcare sector, focusing on stocks such as TransMedics Group, Becton Dickinson, and Zimmer Biomet Holdings.
In another report released today, Needham also reiterated a Buy rating on the stock with a $448.00 price target.