Stryker Shares Surge 6.3% as 2024 Outlook, Q4 Results Beat Estimates
$Stryker Corp(SYK.US$ shares advanced 6.6% after the company gave a better-than-expected outlook for 2024 and delivered an earnings beat, prompting analysts to upgrade the stock.
The company sees 2024 adjusted earnings to reach $11.70 to $12 a share, according to its press release. That's higher than the $11.54 estimate of analysts polled by Capital IQ, according to MT Newswires.
The company sees 2024 adjusted earnings to reach $11.70 to $12 a share, according to its press release. That's higher than the $11.54 estimate of analysts polled by Capital IQ, according to MT Newswires.
"Based on our momentum for 2023, strong procedural volumes, healthy demand for capital products and a stabilizing macro-economic environment, we expect 2023 organic net sales growth to be in the range of 7.5% to 9%," the company said.
Adjusted earnings for the fourth quarter surged 15.3% to $3.46, as net sales rose 11.8% to $5.8 billion. That surpassed analysts' estimates of $3.27 in adjusted EPS and $5.6 billion in net sales for the three months ended Dec. 31 reported by MT Newswires.
JPMorgan raised its price target on the stock to $375, from $325 and maintained its overweight rating, MT Newswires reported. Citigroup, Evercore ISI and Piper Sandler also boosted their price target on Stryker, the news organization said in separate reports.
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