MARKET TALK: Investec Cuts Smith & Nephew Price Target

6th Jul 2010 12:42

1142 GMT [Dow Jones] Investec Securities cuts Smith & Nephew (SN.LN) price target to 630p from 757p. Investec lowers the PER it uses to value the shares to 13x from 15x, to reflect changing market conditions. It notes recent downgrades, combined with weak market conditions have led to Smith & Nephew being de-rated in the market. "Whilst we think a degree of caution is appropriate given global healthcare funding pressures, we remain of the view that Smith & Nephew is geared into the economic recovery." Keeps the stock at buy. Shares +0.3% at 582p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires July 06, 2010 07:42 ET (11:42 GMT)