- RBC Capital Markets upgraded Stryker Corporation (NYSE:SYK) from sector Perform to Outperform, with a price target of $284, up from $240, citing potential tailwinds that position the company to deliver upside to sales estimates.
- The analyst expects a strong order book in MedSurg as supply issues continue to ease, likely around mid-2023.
- Second, we expect the recon backlog to be realized in a more meaningful way during the year as staffing continues to ease.
- Related: Stryker Reports Q3 Earnings Miss Due To High Component Prices, Cuts Full-Year Profit Guidance.
- The analyst also expects macro pressures to continue to ease, and the sentiment around Stryker will be positive into 2023.
- SYK noted on its Q3’22 earnings call that it expects hospital staffing pressures to resolve gradually and expect it to be a moderate tailwind into next year. The upside to RBC estimates could come from better trends around supply and backlog.
- Price Action: SYK shares are up 2.17% at $261.80 on the last check Monday.
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