Citing the market’s underappreciation of the
severity and duration of revenue declines due to COVID-19 disruptions,
Barclays’ Kristen Stewart has cut her rating on Stryker (NYSE:SYK) to Underperform with a $155 (15% downside risk) price target.
She cites a decline in physician office visits
that could reduce future procedures and the expected slow ramp up (at
some point) of elective procedures.
She also says recent reports have raised questions
about a potential second wave of infections which could impact sales
beyond this quarter.
Shares down 2% premarket on light volume.
https://seekingalpha.com/news/3560087-stryker-down-2-barclays-cuts-view-due-to-covidminus-19-headwinds
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