Stryker price target raised to $420 from $380 at Piper Sandler

Piper Sandler analyst Matt O’Brien raised the firm’s price target on Stryker (SYK) to $420 from $380 and keeps an Overweight rating on the shares. The firm notes Stryker reported Q3 results that beat expectations and raised guidance for 2024 as well. Management maintained its expectation for a 100 bps improvement to OMs for the full year, which implies a very steep Q4 ramp but the progress in the third quarter and management commentary on the programs they have in place to get there may ease some investor concerns here, Piper adds.