Smith & Nephew initiated with a Hold at Stifel

Stifel initiated coverage of Smith & Nephew with a Hold rating and 1,025 GBp price target. The analyst forecasts above market growth and net market share gains for all three companies in the European orthopaedics market. Within the firm’s coverage, Medacta is its most preferred given its superior product portfolio and attractive valuation and Smith & Nephew is its least preferred given Stifel believes its turnaround is already factored in to its valuation.