RBC Capital analyst Shagun Singh raised the firm’s price target on Stryker to $345 from $315 and keeps an Outperform rating on the shares as part of a broader research note previewing MedTech for 2024. The company’s organic growth was driven by underlying solid business momentum and “super cycle” of new products ramping up and hitting the market in 2023, the analyst tells investors in a research note. 2024 should be another strong year for Stryker as supply improves, while the new products/new indications, backlog pull-through, and strong capital demand should positively impact the MedSurg & Neurotech and Orthopedics & Spine sides, RBC added.
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