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  "documentTitle": "Stryker Corp. (SYK)",
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  "authorName": "Ben Axler",
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  "presentationDate": "2022-04-06 00:00:00",
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  "notes": "Uses a side-by-side comparison of analyst quotes vs. activist interpretation to frame the contradiction.",
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      "kind": "callout",
      "text": "Our view: Stryker appears to be working sell-side analysts to keep the equity story afloat. Despite record inflation, supply chain dysfunction, macro war uncertainties, and Stryker having swallowed an expensive and unproven acquisition in Vocera, four analysts have recently endorsed buying Stryker’s shares.(1) Based on a note from J.P. Morgan, Stryker appears to be confusing investors in a “rare” example of miscommunication. Yet, not a single analyst has viewed this negatively and downgraded?",
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      "text": "Stryker appears to be working sell-side analysts to keep the equity story afloat.",
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      "kind": "list",
      "text": "J.P. Morgan quotes on the left vs Spruce Point analysis on the right, connected by arrows.",
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      "text": "Excerpts From J.P. Morgan Note After The Cowen Conf March 7, 2022",
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      "text": "Spruce Point Analysis",
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      "kind": "quote",
      "text": "A rare example of Stryker miscommunicating, but it believes wasn't trying to talk down 2022 numbers or call out worsening macro conditions hitting numbers — J.P. Morgan, \"Updating the Model For Recent Management Commentary; Remain Optimistic On NT Trends\" – March 16, 2022",
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      "kind": "source-note",
      "text": "Source: JPMorgan, “Updating the Model For Recent Management Commentary; Remain Optimistic On NT Trends” – March 16, 2022. 1) In addition to Bernstein, Evercore and BofA, Citigroup also on April 1, 2022 issued a “Buy” and price increase from $290 to $310, yet cut 1Q22 EPS estimate to $1.92 from $2.07",
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      "kind": "table",
      "text": "Recent Broker Pumps: 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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      "text": "Stryker Appears To Be Working Sell-Side Analysts Hard To Keep The Equity Story Afloat",
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