Stryker price target raised to $325 from $315 at RBC Capital

RBC Capital raised the firm’s price target on Stryker to $325 from $315 and keeps an Outperform rating on the shares as part of a broader research note previewing Q2 results for Medical Devices. The analyst is bullish on the set-up for the group, noting that companies should benefit from higher healthcare utilization as staffing is increasingly less of a limiting factor. Stryker should also benefit from a number of factors such as positive healthcare utilization trends, backlog in both MedSurg and Ortho, strong capital order book, a ‘super cycle’ of innovation, and easing macro trends aiding margin recovery in the second half of this year and into 2024, the firm tells investors in a research note.