Panmure Liberum lowered its target price for Smith & Nephew PLC from 1250p to 1120p and maintained a 'hold' rating after the company reported disappointing second-quarter results and announced the departure of CFO John Rogers. The medical device maker has underperformed the knees market due to the absence of a cementless knee product. Revenue growth guidance was reduced from around 6% to 4%, while profit guidance remained at about 8%. The broker expressed doubts about the sustainability of cost savings and lowered the valuation multiple from 9.5 to 8.5 times EBITDA. Despite a share buyback and increased stake by Cevian Capital, shares have fallen nearly 15% this year. Panmure Liberum would consider buying only if Smith & Nephew pursues significant strategic changes, such as spinning off its Orthopaedics division.
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