Smith & Nephew downgraded to Hold from Buy at Deutsche Bank

Deutsche Bank analyst Kane Slutzkin downgraded Smith & Nephew to Hold from Buy with a price target of 1,250 GBp, down from 1,350 GBp. The company reported a “disappointing” Q3 sales update, delivering underlying growth of 4%, negatively impacted by China, where the expected headwinds across its surgical businesses were worse than anticipated, the analyst tells investors in a research note. The firm says Smith & Nephew’s updated outlook has meant at least a one-year setback to reaching mid-term targets.