Smith & Nephew's Anemic First Quarter Held Few Surprises; No Change to Our Fair Value Estimate
Narrow-moat Smith & Nephew’s first-quarter performance was characterized by some weakness, but results were generally consistent with our expectations and we’re leaving our fair value estimate unchanged. The reductions in management’s outlook for revenue growth and trading profit now put guidance closer to our tempered projections for 2018. We see little in recent events to change our thinking about Smith & Nephew’s negative moat trend. The smaller firm still faces an uphill battle in th...
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