Stryker Corp: Good, But Not Enough Vs. Expectations; Setting Up A Better 2H

研报英文原文证据摘录

Stryker Corp: Good, But Not Enough Vs. Expectations; Setting Up A Better 2H

J P M O R G A N North America Equity Research

31 July 2026

Stryker Corp Overweight

SYK, SYK US

Good, But Not Enough Vs. Expectations; Setting Up A Price (30 Jul 26):$348.04

Better 2H ▼Price Target (Dec-26):$350.00 Prior (Dec-26):$400.00

Medical Supplies & Devices

Stryker reported 2Q26 results that missed elevated investor expectations as organic Robbie Marcus, CFA AC

sales came roughly in-line at 9% organic and EPS beat off of tariff refunds. On the (1-212) 622-6657

one hand, we’re unsurprised to see shares trading down after the print given SYK’s robert.j.marcus@jpmorgan.com

strong performance in recent weeks, with a supply disruption to Inari and weaker Allen Gong

trends in Orthopedics that weren’t well explained by management. On the other (1-212) 622-9520

hand, we’d highlight a very strong performance from MedSurg, a healthy pipeline allen.gong@jpmorgan.com

of capital orders and a record 2Q for Mako, bullish commentary on the broader Lilia-Celine B Lozada

environment for procedures and capex, and potential share repurchases from a ~ (1-212) 622-1019

lilia-celine.b.lozada@jpmchase.com

$1B authorization before year-end. Stryker is the only diversified large-cap J.P. Morgan Securities LLC

MedTech company on track for high single-digit organic revenue growth growth

this year despite two major commercial disruptions, and today’s update is the first

instance in a while where execution disappointed. Just to reiterate, the quarter Key Changes (FYE Dec)

itself wasn’t bad at 9% organic on an absolute basis, but it did miss investor Prev Cur Δ

expectations, hence the negative share reaction. With the mixed prints we’ve Revenue - 26E ($ mn) 27,274 27,283 0.0%

Revenue - 27E ($ mn) 29,291 29,392 0.3%