Smith & Nephew price target lowered to $34 from $36 at Canaccord

Canaccord lowered the firm’s price target on Smith & Nephew to $34 from $36 and keeps a Hold rating on the shares. The firm updated its model followong Q3 results and noted the company reiterated its expectations to deliver 5% underlying growth and reiterated its trading profit margin expectations to be between 19.0% and 20.0%, with a stronger margin anticipated in the 2H versus 1H as it works to deliver on operational savings and believes China headwinds should decrease.