Piper Jaffray analyst Matt O'Brien raised his price target for Stryker to $205 saying he a found a "variety of data points" that suggest Mako placements and user penetration "are still in the early innings." For hospitals with 50-plus beds, the penetration rate of one Mako system per hospital is still mid-teens, O'Brien tells investors in a research note. Further, the analyst found that nearly half of all orthopedic training programs have a Mako knee robot, "which provides a building pipeline of new users." He reiterates an Overweight rating on Stryker shares.