I agree. Targeting both at a 13.5 PE ignores $6 of cash per share for SYK. This is close to 15% of share price and can be used to enhance value by share buy backs or acquisitions. Effectively, it says SYK should haxe a 15% lower PE than ZMH. SYK has a higher return on capital than ZMH and a much higher return on capital when you back out the $6 in cash per share.