BofA Securities analysts upgraded Stryker (NYSE:SYK) from a Neutral rating to a Buy, while also raising the price target from $310.00 to $315.00.

The analysts' rationale for the upgrade centers on several factors, including Stryker's improved outlook on profit margins, a positive product cycle that could boost revenue growth, strong capital visibility through 2024, a favorable orthopedic segment outlook, and the potential for enhanced operating margins, which could lead to a 2% increase in earnings per share.

As a result, the new price target reflects the same 27x multiple for 2024 earnings but with slightly higher expected EPS.