RBC Capital said expects Smith & Nephew PLC (LSE:SN) to post revenue growth of 3.9% in the first quarter, as the company benefits from positive trends in US elective procedures while facing headwinds in China.
In a note to clients, the Canadian bank maintained an "outperform" rating and a £16 price target for the London-listed med-tech giant.
RBC anticipates Q1 will be 2023's weakest quarter, in line with company guidance and competitors' commentary, with the tougher market conditions abating from Q2 onwards.
Mid-afternoon the shares were trading sideways at £11.99. Of the 17 banks and brokerages logged as following Smith & Nephew, 11 are currently positive on the stock. The consensus price target is £13.26.