Needham lowered the firm’s price target on Stryker (SYK) to $418 from $454 and keeps a Buy rating on the shares after its Q1 earnings miss. Organic sales growth slowed to 2.4% from 11.0% in Q4 due to the cyber incident that Stryker had previously disclosed, but with the cyber incident in the rear view mirror, the firm expects the company to continue to benefit from healthy procedure growth, robust hospital capital spending, and numerous new product launches, the analyst tells investors in a research note.
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