On August 7, Stryker declined 3.39% in pre-market trading, trading at $337.33/share, with turnover of $46,300. The stock continues to face selling pressure following its Q2 earnings report released on July 30.

Although Stryker reported adjusted EPS of $3.69, beating the consensus estimate of $3.49 by 5.7%, the core MedSurg and Neurotechnology segment posted sales of $3.6 billion, missing the expected $3.72 billion. Full-year adjusted EPS guidance was only marginally narrowed to $14.95-$15.10 from $14.90-$15.10 previously, disappointing investors hoping for a more meaningful raise. The stock initially plunged over 8% following the earnings release. Subsequently, multiple investment banks lowered their price targets: UBS reduced its target from $400 to $382 while maintaining a Buy rating, and Piper Sandler cut its target from $420 to $390, maintaining an Overweight rating. Rothschild & Co Redburn raised its target modestly to $360 from $346 but remains below the analyst consensus mean target of $386.44.

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