Steris downgraded to Neutral from Overweight at Piper Sandler

Piper Sandler analyst Jason Bednar downgraded Steris to Neutral from Overweight with a price target of $197, down from $215. The analyst sees risk that management guides fiscal 2024 earnings growth below the Street and to levels that warrant a lower valuation than what Steris has established in recent years. A "confluence of factors" could lead to a 80-100 basis point or more of margin pressure for fiscal 2024, a hurdle that "could be tough to fully overcome," the analyst tells investors in a research note.