Steris upgraded to Overweight from Neutral at Piper Sandler

Piper Sandler upgraded Steris (STE) to Overweight from Neutral with a price target of $260, up from $230. The upgrade is more a call that the negativity surrounding healthcare equipment and ethylene oxide litigation risk are fully reflected in shares at current valuation levels than it is on the upcoming earnings report, the analyst tells investors in a research note. The firm sees the 12-month risk/reward for Steris shares as attractive with a multiple re-rating looking possible as execution improves and Applied Sterilization Technologies growth accelerates over the coming quarters.