At best, if you treat today’s med-tech valuations as a new normal, I could argue for about 10% of upside on EV/revenue (using a 6.1x multiple), but that multiple is almost 50% above where it would be in a more normalized valuation environment.

Source: https://seekingalpha.com/article/4578794-stryker-syk-stock-typically-excellent-typically-expensive?source=feed_all_articles

Stryker is rarely cheap, but med-tech valuations are more stretched now than usual, and it's hard to argue for Stryker on a value basis.

Source: https://seekingalpha.com/article/4578794-stryker-syk-stock-typically-excellent-typically-expensive?source=feed_all_articles