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UPDATE: Piper Jaffray Reiterates Neutral Rating, Lowers PT on Smith & Nephew

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In a report published Monday, Piper Jaffray & Co. reiterated its Neutral rating on Smith & Nephew (NYSE: SNN), but slightly lowered its price target from $54.00 to $53.00.

Piper Jaffray noted, “We are updating our estimates to account for the closing of the Bioventus deal. These changes include a reduction in our projected revenues for 2012 and 2013 of $90 mil and $171 mil, respectively. We have also trimmed our EPS estimates related to the deal, which includes reductions of 7c and 6c in 2012 and 2013, respectively, due to lower revenues partially offset by a $250 mil reduction in debt, funded in part from the proceeds of the deal. We remain Neutral on SNN, lowering our price target from $54 to $53, based on an unchanged 13.5x FY13 EPS.”

Smith & Nephew closed on Friday at $52.39.

Latest Ratings for SNN

DateFirmActionFromTo
Nov 2014Morgan StanleyDowngradesUnderweight
May 2014Canaccord GenuityMaintainsBuy
Apr 2014NumisDowngradesAddHold

View More Analyst Ratings for SNN
View the Latest Analyst Ratings

Posted-In: Piper Jaffray & Co.Analyst Color Price Target Analyst Ratings

 

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