Truist analyst Richard Newitter lowered the firm’s price target on Stryker (SYK) to $330 from $380 and keeps a Hold rating on the shares. The firm is adjusting its model following the company’s Q1 results, also noting that Stryker’s cadence of earnings has shifted due to Q1 cyber-attack disruption. Truist adds that its price target cut is based on the lower multiple stemming from multiple compression within the large-cap MedTech peer group, the analyst tells investors in a research note.
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