U.S. Medtech: Top 8 takeaways from SRS 2026; plus thoughts on JNJ Ottava clearance and continued ISRG weakness

研报英文原文证据摘录

U.S. Medtech: Top 8 takeaways from SRS 2026; plus thoughts on JNJ Ottava clearance and continued ISRG weakness

ed absolute and relative historical multiples and our outlook for forward growth.

Stryker Corp

We set a price target of $410 using a P/E multiple of 24x against our forward Q5-Q8 EPS estimate of $17.08. The P/E target

reflects observed absolute and relative historical multiples and our outlook for forward growth.

RISKS

Intuitive Surgical Inc

Downside risks include: Worsening supply chain constraints, major product recall, earlier than expected introduction of surgical

robots from major competitors, changes in treatment guidelines for critical procedures (prostatectomy, hysterectomy, etc.),

changes to the economic environment that significantly reduce procedure volumes and/or healthcare spending levels, new tariffs

on products or components manufactured outside the United States.

Johnson & Johnson

Upside risks include, but are not limited to: stronger than expected earnings growth based on better than expected market

conditions (e.g., market-wide improvements in healthcare utilization, volume, or pricing), major disruptions to competitors (e.g.,

recalls, supply interruptions), or earlier than expected approvals / introductions of key pipeline products.

Downside risks to our target prices include greater than expected margin pressure driven by supply chain constraints and inflation

related impact, recalls of major products, FDA warning letters or supply interruptions at major production facilities, accelerated

pricing pressure or reimbursement changes in key categories, other policy initiatives or physician guideline changes that may

negatively impact product utilization, a rapid deterioration in the global economic environment which could weaken discretionary