HSBC analyst Sezgi Oezener downgraded Smith & Nephew to Hold from Buy with a price target of 1,350 GBp, up from 1,330 GBp. The company’s Q1 trading update was encouraging with growth above expectations, but it was not enough to raise the 2023 outlook, the analyst tells investors in a research note. The firm says raising productivity is likely a "marathon and costlier than presumed" for Smith & Nephew. HSBC says structural improvement and efficiency gains will likely take time to deliver results.
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Published first on TheFly
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Read More on SNN:
- Smith & Nephew price target raised to 1,557 GBp from 1,243 GBp at JPMorgan
- Smith & Nephew upgraded to Overweight from Equal Weight at Morgan Stanley
- Smith & Nephew downgraded to Underweight from Overweight at Barclays
- Smith & Nephew price target raised to 1,600 GBp from 1,500 GBp at RBC Capital
- Smith & Nephew re-initiated with an Outperform at Bernstein