01:45 PM EDT, 05/01/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We lift our 12-month target to $350 from $330, reflecting 26.3x our 2025 EPS estimate, a premium to SYK's historical forward average due to strong growth in procedure volumes and strong demand for capital products. We raise our 2024 EPS estimate to $11.92 from $11.73 and 2025's to $13.32 from $12.85. Q1 EPS of $2.50 vs. $2.14 exceeded consensus by $0.14. Adj. operating income margin expanded 80 basis points Y/Y to 21.9%, driven by solid top-line performance of the MedSurg and Neurotechnology segment. Within the segment, the Instruments business had strong performance due to nearly 50% growth in smoke evacuation, as well as strong performances in power tools, Steri-Shield, waste management, and SurgiCount. We see SYK making progress toward its target of 200 basis points of margin improvement by year-end 2025. We also anticipate continued margin improvement in 2024 via reduction of operating expenses from strategic initiatives, including in-sourcing, more shared services efficiencies, and IT projects.