Medical technology and orthopedic implant company Stryker Corporation (NYSE: SYK) reported an earnings beat Tuesday, and three sell-side analysts remain bullish on the stock.
Stryker reported quarterly earnings of $1.88 per share, beating the consensus estimate of $1.84 and up about 12 percent over the same quarter last year. Revenue of $3.156 billion narrowly missed the Street estimate.
- Canaccord Gennuity’s Kyle Rose reiterated a Buy rating on Stryker and raised the target price from $190 to $195.
- Wells Fargo’s Larry Biegelsen has an Outperform rating with a $219 price target.
- Raymond James analyst Lawrence Keusch maintained an Outperform rating and raised the target price from $195 to $205.
Rose said in a post-earnings note that Canaccord sees Stryker as a “compelling asset” in the large-cap medical technology realm and that it should be a core holding for growth-oriented investors.
The rationale: Stryker’s stable-to-improving market fundamentals, robust new product cycles and opportunity for durable operating leverage.
Biegelsen said it was another strong quarter for Stryker, which had organic growth of 7.3 percent year-over-year, at the upper end of the company’s prior full-year 2019 outlook.
“The underlying business momentum remains strong,” the analyst said, noting the company’s raising of its lower-end estimates for 2019 revenue and earnings.
Keusch said he's impressed by Stryker's organic constant currency growth, and cited particular growth in the company's knee replacement products and MAKO robotic surgical assistant.
Stryker shares down 0.82 percent at $185.41 at the time of publication Wednesday.
RBC Lifts Stryker Price Target, Says Medtech Company Positioned For Growth
Barron's On: Where To Find Corporate Profits
Photo courtesy of Stryker.
Latest Ratings for SYK
View More Analyst Ratings for SYK
View the Latest Analyst Ratings
See more from Benzinga
- 'Magic: The Gathering' Works Wonders For Hasbro
- Lyft Analysts Largely Bullish As Quiet Period Ends
- KeyBanc: Lyft's Profits Will Come With Development Of Autonomous Tech
© 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.