Goldman Sachs has lowered its price target on medical technology giant Smith & Nephew (LSE: SN.) to 1,550p from 1,700p, while reaffirming its Buy rating on the stock, even as near-term headwinds weigh on the outlook.
Analyst Richard Felton flagged “moderate downside risk” to the company’s fiscal 2026 growth estimates, pointing to softer-than-expected momentum in the first quarter.
Despite the cut, Goldman maintains that Smith & Nephew has a credible path to stronger growth momentum heading into fiscal 2027, suggesting the investment thesis remains intact over a longer time horizon.
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The note adds to various price target reductions from other analysts following the company’s Q1 trading update in early May, when reported underlying revenue growth of 3.1% fell short of the consensus expectation.
Bernstein trimmed its target to $31.85 from $36.20, maintaining a Market Perform rating, while Canaccord cut to $30 from $32 with a Hold, citing compression across the peer group.
Barclays struck a slightly more constructive tone, modestly lifting its target to 1,350p from 1,300p, though it kept an Equal Weight rating.
Shares currently trade around 1,138p, down 7.7% for the year-to-date. Nevertheless, the stock remains below Goldman’s revised 1,550p target, implying potential upside of around 36% from current levels.
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