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Investing.com - Kepler Cheuvreux initiated coverage on Smith & Nephew PLC (NYSE:SNN) with a Buy rating and a price target of GBP14.62, citing the company’s ongoing transformation efforts.
The medical technology company is restoring growth discipline and margin credibility through its 12-point transformation plan after years of inconsistent delivery, according to Kepler Cheuvreux.
The research firm highlighted that Smith & Nephew’s Orthopaedics division is stabilizing, while its Sports Medicine segment provides innovation-led growth, and the Wound Care business underpins profitability.
Kepler Cheuvreux expects Smith & Nephew’s trading margins to exceed 20% with free cash flow conversion above 90%, combining resilience, improving execution, and solid cash returns.
Despite these positive factors, the firm noted that Smith & Nephew still trades at a 30-40% discount to peers, with Kepler Cheuvreux viewing the company’s turnaround as "real, structural, and underappreciated."
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