BUZZ-Stryker rises after Citi resumes coverage with 'buy' rating

Medical device maker Stryker SYK.N rise 1.2% to $395

Brokerage Citi Research resumes coverage on SYK with "buy" rating; sets PT at $450, 15.3% upside to the stock's last close

Brokerage says SYK has built a diversified business through multiple buys such as the $4.9 billion Inari medical acquisition, which added Inari's ClotTriever and FlowTriever devices that treat venous thromboembolism (VTE)

VTE — a disease where blood clots form in veins — is estimated to impact more than 900,000 patients annually in the U.S., brokerage says

SYK estimates the value of the VTE market at $15 billion globally, including $6 billion in the U.S.

Citi calls the Inari acquisition "another step in SYK evolution"

Stock has risen 10.7% in the past 12 months