Health Care Roundup: Market Talk

Updated Nov. 3, 2023 12:28 pm ET

The latest Market Talks covering the Health Care sector. Published exclusively on Dow Jones Newswires at 4:20 ET, 12:20 ET and 16:50 ET.

1005 ET – Smith & Nephew’s shares have fallen too far, JPMorgan says, upgrading the artificial-hip maker to overweight from neutral. The stock has dropped to 10-year lows in the last few weeks on factors such as concerns about a margin-guidance downgrade after lackluster first-half margins, JPM says. Still, stronger-than-expected third-quarter revenues are likely to build confidence that top-line growth is sustainable, JPM says. “The de-rating in our view is overdone and we believe investors are likely to revisit the investment case,” JPM analyst David Adlington writes, though the bank cuts its price target on the stock to 1248 pence from 1405 pence. Shares, which hit a year-to-date high of about 1314 pence in April, rise 2.2% to 983 pence. (philip.waller@wsj.com)

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