Stryker upgraded to Buy from Hold at Canaccord

Canaccord analyst William Plovanic upgraded Stryker to Buy from Hold with a price target of $360, up from $315, after the company delivered “a strong Q4 in the face of a tough Q4/22 comp.” Strong growth was broad-based as Stryker benefited from its “super cycle” of new products, adds the analyst, who notes that the company reiterated its commitment to operating margin improvement back to 2019 levels by 2025. The firm views 2024 revenue guidance for 7.5%-9% organic growth as “bullish but achievable,” the analyst added.