Stryker price target raised to $287 from $240 at Baird

Baird analyst Jeff Johnson raised the firm’s price target on Stryker to $287 from $240 and keeps an Outperform rating on the shares. The analyst noted they delivered above-expected 4Q results and guided 2023 revenue/EPS above us/Street on the heels of improving global orthopedic demand trends, still-solid hospital capex spending on the company’s procedural-based Medsurg products, and moderating FX headwinds.