Citi Downgrades Smith & Nephew PLC (SNN) to Hold
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Citi downgrades Smith & Nephew PLC (NYSE: SNN) from Buy to Hold.
Citi analyst says, "Sell-off overdone but potential for more bad news — SNN's market cap has lost $1.74 billion since 1 May, almost twice the price paid for Plus Orthopaedics. While this suggests an over-reaction we are concerned that Q2 and Q3 may further disappoint, with potential for more bad news from the on-going investigation."
Smith & Nephew plc is a global medical devices company engaged in the development, manufacture and marketing of medical devices in the sectors of orthopedic reconstruction, orthopedic trauma and clinical therapies, endoscopy and advanced wound management.[SM]
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