Cowen Downgrades Smith & Nephew (SNN) to Neutral
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Cowen & Company downgrades Smith & Nephew (NYSE: SNN) from Outperform to Neutral.
The firm believes that "unacceptable selling practices" identified during last year's acquisition of PLUS Ortho have "seriously weakened a key pillar to Smith & Nephew's bull case - strong M&A." The firm believes these developments have increased the company's risk profile. Cowen notes that despite a price that is still below the "pre-PLUS challenge levels", shares of Smith & Nephew have risen about 12% since the beginning of July.
Cowen said that it is reducing its long-term outlook on shares of Smith & Nephew due to a lack of visibility and overhangs from the acquisition.
Smith & Nephew plc, together with its subsidiaries, engages in the development, manufacture, and marketing of medical devices to medical and surgical service providers worldwide.
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