Stryker price target raised to $386 from $360 at RBC Capital

RBC Capital raised the firm’s price target on Stryker to $386 from $360 and keeps an Outperform rating on the shares as part of a broader research note previewing Q1 earnings for Medical Devices. The sector fundamentals are “flashing positive signals” and the firm is expecting strong results, the analyst tells investors in a research note. RBC adds that the company stands to 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, easing macro trends aiding margin in 2024, and Stryker’s vision to enter at least one of five new adjacencies within the next five years – vascular, neuromodulation, surgical robotics, healthcare IT, and urology/women’s health.