Stocks are steady this morning along with optimism on Wall Street that Capitol Hill can deliver a new Covid-19 stimulus package and a spending bill before government funding authorization ends at midnight. All three benchmarks are tracking for solid weekly gains, with the Nasdaq up more than 3%.
2020’s top stocks typically were tied to companies that benefited from new and accelerated trends resulting from COVID-related lockdowns. However, many of the best stocks for 2021 are largely expected to benefit from a “return to normalcy” and a healing economy. Our trade alert for today highlights one such stock.
Stryker’s (SYK) medical devices range from implants used in joint replacements and spinal surgeries to surgical equipment and navigation systems.
Analysts at Canaccord Genuity say Stryker should be a “core position for growth-oriented investors.”
New-patient demand remains in question as long as COVID-19 infection rates remain high, but hospitals are adapting their infection-prevention protocols, and the rate of elective procedures has started to accelerate. Strong markets include the U.S., Australia, Germany, Canada, and especially China.
Based on 21 analysts offering recommendations, 13 rate the stock a Strong Buy. There is 1 Moderate Buy rating, 6 Hold ratings, and 1 analyst rates the stock a Sell. Argus Research analysts rate SYK a Buy and see the stock hitting $265 per share over the next 12 months.
