Needham analyst Mike Matson upgraded Stryker to Buy from Hold with a $392 price target. The analyst expects new product launches combined with Stryker’s capital equipment backlog to allow it to deliver upside to consensus revenue estimates and overcome any potential recon market slowdown. Stryker expects significant margin improvement in 2024 and 2025 and revenue upside should translate into earnings upside, the analyst tells investors in a research note. The firm also expects potential acquisitions to serve as positive catalysts for the stock. Needham finds the shares attractive considering its potential for double-digit organic revenue growth.
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