Stryker price target raised to $285 from $270 at Argus

Argus raised the firm’s price target on Stryker to $285 from $270 and keeps a Buy rating on the shares. The analyst cites the company’s Q4 earnings beat while noting that Stryker enters 2023 with a robust new order book in its MedSurg segment and higher procedural volume in its Orthopedics & Spine segment. The stock’s valuation of 23-times expected forward earnings is above the average multiple of 21-times in the firm’s coverage universe of medical device stocks, but Stryker’s growth opportunities and success in integrating acquisitions support this premium valuation, the firm tells investors in a research note.