Analysts are Downgrading These 5 Stocks

3. Stryker Corporation (NYSE:SYK)

Number of Hedge Fund Holders: 46

Canaccord analyst Kyle Rose lowered his ratings for Stryker Corporation (NYSE:SYK) from “Buy” to “Hold” on Tuesday, November 1, following the company’s Q3 earnings. Rose believes the ongoing headwinds would likely continue next year. He also cut his price target for Stryker from $225 per share to $220 per share.

The downgrade came a day after the medical technology company released its Q3 results. Stryker Corporation (NYSE:SYK) reported adjusted earnings of $2.12 per share, down 3.6 percent over the year-ago period and below the consensus of $2.23 per share. Revenue for the quarter rose 7.7 percent versus last year to $4.5 billion, matching expectations.

Stryker Corporation (NYSE:SYK) also revised its profit outlook for 2022, citing inflationary pressure. It expects adjusted earnings in the range of $9.15 – $9.25 per share, below its previous projection between $9.30 – $9.50 per share.

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