Goldman Sachs Adds Smith & Nephew (SNN) To Their Conviction Buy List
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Earlier, Goldman Sachs added Smith & Nephew (NYSE: SNN) to their Conviction Buy List, after the company beat their forecast by 26% on a lower tax rate and a further big margin rise.
Goldman is raising their 2009-11 EPS estimates by 7%-8% on a faster expected rise in EBITA margins of 360 bp for 2008-10E, an organic sales growth recovery from 2.4% in 2009E to 5.7% in 2010E, and a favourable FX impact (+3%-4%) in 2010E.
The firm raised their price target from 685p to 725p.
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