Stryker price target raised to $268 from $232 at BTIG

BTIG analyst Ryan Zimmerman raised the firm’s price target on Stryker to $268 from $232 and keeps a Buy rating on the shares as part of a broader research note on Medical Technology. The company’s management has presented at various investor conferences, discussing their preliminary outlook for FY23, and while his revenue estimates are unchanged, he has assumed too low of an SG&A profile in FY23, the analyst tells investors in a research note. Zimmerman adds that the reset in expectations sets up well for Styker as leverage improves, though he also warns that shares could be choppier in Q1 as the company works through continued supply chain challenges.