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  "documentTitle": "Stryker Corp. (SYK)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-04-06 00:00:00",
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  "notes": "Uses a dual-axis chart to show the divergence between stock price and FCF estimates.",
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      "kind": "callout",
      "text": "Free cash flow growth should be a strong driver of equity valuation and sell-side analyst price targets. What we find is that Stryker's 2022E Free Cash Flow estimates have been contracting. Yet, not a single analyst has downgraded the stock, and in fact some brazen analysts claim shrinking Free Cash Flow merits a price increase and a “Buy”.",
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      "kind": "callout",
      "text": "Free cash flow growth should be a strong driver of equity valuation and sell-side analyst price targets. What we find is that Stryker's 2022E Free Cash Flow estimates have been contracting. Yet, not a single analyst has downgraded the stock, and in fact some brazen analysts claim shrinking Free Cash Flow merits a price increase and a \"Buy\".",
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      "text": "Dual-axis chart showing Stryker stock price vs 2022 Free Cash Flow estimates.",
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      "text": "Free Cash Flow: 2.858B",
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      "kind": "source-note",
      "text": "Source: Bloomberg",
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      "kind": "table",
      "text": "Stryker Price Target Raised to $295.00/Share From $288.00 by Bernstein; Stryker Price Target Announced at $284.00/Share by Evercore ISI Group; Stryker Reinstated Buy at BofA",
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      "kind": "title",
      "text": "Analysts Quietly Trim Numbers, But Aren't Downgrading Stryker's Stock.... Why?",
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      "evidence": "Contrasts analyst behavior (Buy ratings) with fundamental data (declining FCF).",
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