Steris，Solventum升级，RxSight在摩根士丹利的MedTech评论中降级

Reviewing its MedTech coverage ahead of the Q2 earnings season on Tuesday, Morgan Stanley upgraded Steris (NYSE:STE) and Solventum (NYSE:SOLV) to Overweight from Equal Weight and downgraded RxSight (NASDAQ:RXST) to Equal Weight from Overweight.

Analyst Patrick Wood welcomed the industry outlook heading into Q2 results, noting that budgetary constraints are unlikely to weigh on the stocks in MS' coverage given the CapEx commentary from publicly traded hospitals, which has been in line with historical trends.

“That being said, we're rebalancing our ratings for a bit more value tilt as multiples remain elevated,” the analyst wrote, detailing the reasons for his rating decisions.

Raising the price target on Steris (NYSE:STE) to $276 from $260 per share, Wood argued that the shares of the Ohio-based sterilization services provider are uncorrelated to tariff or macro concerns and its stock “isn't especially expensive for the growth.” The analyst listed several positives for the company, including potential margin gains from its shift to electron beam sterilization and tailwinds from Olympus' import ban in the U.S.

On Solventum (NYSE:SOLV), Wood pointed to “solid progress” in its spinoff from 3M (MMM) and a highly compelling cash flow yield based on several projections, including a potential earning per share of nearly $9, over 20% above consensus, by 2028. The analyst raised SOLV’s target price to $103 from $80 per share.

Downgrading RxSight (NASDAQ:RXST) and slashing its price target to $9 from $20 per share, Wood cited a tough competitive backdrop for the light-adjustable intraocular lens maker and a significant slowdown in its light delivery device (LDD) shipments in Q2.

With the company indicating a lower-than-expected preliminary Q2 revenue and cutting its full-year outlook last week, Wood said, “We just don't have the visibility on midterm RXST growth to remain.” Overweight on the stock.