Shares of Steris (NYSE:STE) fell today, which can be attributed to an analyst downgrade. Jason Bednar of Piper Sandler changed his rating from Buy to Hold while assigning a price target of $197 per share. For reference, his previous price target was $215 per share.
Bednar believes the company to issue guidance that will miss consensus estimates thanks to inflation, higher cost of sales, and a lower margin product mix. As a result, he expects margins in Fiscal Year 2024 to fall between 80 to 100 basis points.
Overall, Wall Street analysts have a consensus price target of $225 on STE stock, implying 21.31% upside potential, as indicated by the graphic above.