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Stryker: A Potential Upgrade Candidate

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Stryker SYK (Baa1 pos / BBB+): 1Q24 Results


Strong results with EBITDA and revenue beating expectations. Solid overall.

  • Organic sales grew 10% with total revenue $5.24b
  • EBITDA $1.4bn beat by 13.3%

Moody’s placed Stryker on Positive outlook in March ’24. Their criteria for an upgrade is financial leverage <2.75x on a sustained basis as well as general governance and strategy. Stryker was last a single-A credit from 2005-2016.

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