Stryker price target lowered to $400 from $435 at Canaccord

Canaccord lowered the firm’s price target on Stryker (SYK) to $400 from $435 and keeps a Buy rating on the shares. The firm said they delivered a mixed quarter, with Q1 results coming in below top- and bottom-line expectations due to a cyber incident during the Q that disrupted global operations and delayed shipments and revenue recognition. Importantly, the company emphasized that underlying demand remained healthy across its segments, and it saw the best-ever Q1 for Mako installations both domestically and internationally.