Broker snap: Little to excite at Smiths Group, says Investec

15th May 2012 09:55

Investec has cut its target price for technology firm Smiths Group following the firm's third-quarter trading update this morning, saying that while there was no major surprises, there also wasn't any reason to get excited."IMS reads cautiously, but the company guides that it is on track to meet full-year expectations. No major surprises in the statement, which should reassure, but frankly the stock is just a little boring at this stage," the broker said.With little change in the operating performance from the interim results, Investec has left its full-year forecasts unchanged following the statement. However, it has cut its target price from 1,130p to 1,050p to reflect the recent sector de-rating.With the stock trading at 10.3 times earnings, the broker has maintained its hold recommendation on the stock.Nevertheless, shares were performing well on Tuesday morning, trading 1.07% higher at 1,037p.BC