Evercore ISI maintained a positive position on Monday Stryker Corporation (NYSE:), a medical technology company, reiterating an Outperform rating and a $370.00 price target for the company’s stock.
The company’s analysis found that Stryker has failed to keep pace with the broader market and some competitors since the mid-March announcement of Intuitive Surgical’s (NASDAQ:) da Vinci 5 (dV5) surgical system. Specifically, Stryker’s performance was lower by approximately 500 basis points, Intuitive Surgical (ISRG) by approximately 400 basis points, and Boston Scientific (NYSE:) by approximately 900 basis points.
In the run-up to the dV5 reveal, Stryker had shown a slight lead over both Boston Scientific and Intuitive Surgical. Current market sentiment reflects concerns about potential challenges Stryker could face. However, Evercore ISI suggests that these short-term fears may be overstated.
The company’s comments indicate that the market reaction to the introduction of the new dV5 system has been exaggerated compared to Stryker’s prospects. In response to this analysis, Evercore ISI added Stryker to its Tactical Outperform (TAP Outperform) list, signaling confidence in the company’s future performance.
Evercore ISI’s position comes at a time when medical technology companies are closely monitored for their innovation and competitive dynamics. Stryker, known for its medical devices and equipment, remains a key player in the industry despite recent market movements.
The Outperform rating affirmation and $370.00 stock price target suggest a stable outlook for the company’s stock value, per Evercore ISI Rating.
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