Steris price target raised to $220 from $215 at Piper Sandler

Piper Sandler raised the firm’s price target on Steris to $220 from $215 and keeps a Neutral rating on the shares. The company’s Q3 had some clear positives across its Healthcare segment and inclusive of revenue, margins, and new equipment orders, but ongoing channel destocking with European medtech customers is an overhang without near-term resolution, and is translating to an uncertain P&L setup looking ahead to FY25, the analyst tells investors in a research note.