TD Cowen downgraded Stryker (SYK) to Hold from Buy with a $387 price target as he took over coverage. While stating that “there’s a lot we like about the story today and through decade-end,” the firm thinks a “beat/raise precedent” is well understood and reflected in valuation. The firm would like to isolate underappreciated themes that can provide “unanticipated” upside to get more positive on the shares, the analyst tells investors.
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