HSBC analyst Sezgi Oezener upgraded Smith & Nephew to Buy from Hold with a price target of 1,220 GBp, down from 1,240 GBp. The company has a strong procedure outlook and volume growth at peers, while GLP-1 fears are overdone, the analyst tells investors in a research note. The firm says Smith & Nephew’s free cash flow and larger transformation costs remain relevant challenges but reflected in the stock’s valuation. HSBC cites valuation for the upgrade.
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