Between 2011 and 2013, Stryker ($SYK) spent $4.5 billion on the acquisitions of Mako Surgical, China's Trauson Holdings and others, not to mention its $1.5 billion takeover of Boston Scientific's ($BSX) neurovascular unit in 2010. The diversification bid means 44% of its revenue came from orthopedics in 2013, compared to 60% in 2009. Outsiders approve of the deals. "Though Stryker stock reached an all-time high today, we don't think investors fully appreciate the underlying value and see ample upside," writes Barrons. Meanwhile, Goldman Sachs added the company to its "conviction buy" list in part due to its "demonstrated ability to do deals." Another may be on the way. In response to Zimmer's ($ZMH) $13.4 billion bid for Biomet, rumor has it that Stryker will snatch up the other relatively small orthopedics player, the U.K.'s Smith & Nephew ($SNN). Whatever the company decides, what's clear is that with reviews like Barron's, and more importantly, Wall Street's blessing, another deal of some sort is likely. Story