Stryker's (SYK) fundamentals remain solidly intact despite a recent cybersecurity disruption that could limit upside to the company's 2026 guidance, RBC Capital Markets said in a note Tuesday.

Citing comments made by Stryker's competitor, Zimmer Biomet (ZBH), on its earnings call Tuesday, the brokerage said the cyber incident in Q1 did not appear to have translated into any meaningful share loss for Stryker.

Zimmer executives said they did not materially benefit from Stryker's operational difficulties due to the cyber incident, while highlighting positive end-market dynamics, with no macro disruption, according to the note.

The firm said a healthy orthopedic market with stable demand, steady pricing, reconstruction market growth above 4% and solid hospital capital spending on technology platforms provide a "favorable backdrop" for Stryker, which has resumed full operations following the cyber incident.

Stryker has indicated the disruption is "not reasonably likely" to have a material effect on its 2026 outlook, which calls for organic revenue growth of 8% to 9.5%, the firm said.

RBC Capital Markets reiterated an outperform rating on Stryker, with a price target of $435.

Shares of Stryker were down about 2% in Wednesday trading.

Price: 314.80, Change: -6.63, Percent Change: -2.06