Smith & Nephew price target lowered to $33 from $37 at Bernstein

Bernstein lowered the firm’s price target on Smith & Nephew to $33 from $37 and keeps an Outperform rating on the shares after hosting the company’s CEO, Deepak Nath, for a fireside chat at the firm’s 20th European Strategic Decisions Conference. The firm notes that the Orthopedic turnaround is well underway, with COVID-19 pandemic acting as a catalyst for change. Sports Medicine VBP and China anti-corruption headwinds well flagged, Bernstein adds, pointing out that the company believes GLP-1s don’t pose existential threat.