Stryker (SYK) PT Raised to $150 at Cowen Following 1Q

Cowen raised its price target on Stryker (NYSE: SYK) to $150.00 (from $135.00) while maintaining a Outperform rating. SYK reported 1Q top line results of $2.96B that came in above the consensus estimate of $2.90B. 1Q adjusted EPS result of $1.48 exceeded the upper end of the previously issued 1Q guidance and beat the Street's estimate by $0.03.

Management reiterated the organic revenue growth guidance range of 5.5% to 6.5% and the full year adjusted EPS to be in the range of $6.35 to $6.45. Overall, analyst Joshua Jennings sees the top line outperformance capturing investors' attention as it provides incremental conviction in a sustainable 6.0% revenue growth trajectory and Stryker's ability to hit the upper end of the 5.5%-6.5% 2017 revenue guidance range.

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