Smith & Nephew upgraded to Overweight from Neutral at JPMorgan

JPMorgan analyst David Adlington upgraded Smith & Nephew to Overweight from Neutral with a price target of 1,248 GBp, down from 1,405 GBp. The shares have de-rated to 10-year lows on concern over a margin guidance and GLP-1 impact on procedures, the analyst tells investors in a research note. However, the firm says stronger than expected Q3 revenue are likely to build confidence top-line growth is sustainable. The downgrade cycle that started in 2018 looks finally to be coming to an end, says JPMorgan.