Stryker added to ‘Tactical Outperform’ list at Evercore ISI

Evercore ISI added Stryker (SYK) to the firm’s “Tactical Outperform” list ahead of Q1 earnings from the company, noting that its shares have underperformed the S&P 500, Intuitive Surgical (ISRG) and Boston Scientific (BSX) since the announcement of da Vinci 5 in mid-March. While valuation had increasingly come up in conversations, the firm doesn’t think that is the reason and it blames concerns around potential share loss of Stryker’s lap towers to dV5 and ortho market growth post-J&J’s (JNJ) report as sources of worries that have weighed on the stock. However, the firm sees minimal impact from dV5 and thinks Q1 “should be fine” as it keeps an Outperform rating and $370 price target on Stryker shares.