Smith & Nephew re-initiated with an Outperform at Bernstein

Bernstein analyst Lisa Bedell Clive re-initiated coverage of Smith & Nephew with an Outperform rating and $36 price target following a period of leave. The analyst names Smith & Nephew the firm’s top pick in European medical devices and services. Under new management, the company is "finally on track" to close the gap versus its U.S. orthopedic peers, the analyst tells investors in a research note. The firm sees limited downside in the shares.