Stryker price target raised to $361 from $357 at Goldman Sachs

Goldman Sachs analyst David Roman raised the firm’s price target on Stryker (SYK) to $361 from $357 and keeps a Neutral rating on the shares after its Q1 earnings. The company had pre-announced a cybersecurity incident that had material impact heading into the quarter’s final results, and the firm had reduced its Q1 organic growth estimate by 240bps to 6.4%, though organic growth of 2.4% fell materially below that reduced outlook, the analyst tells investors in a research note. On the positive side however, the firm was encouraged by commentary related to cases that are being rescheduled into the rest of the year, and the company indicating having line-of-sight into recovering most of the lost revenue by the end of the year.