Analyst Aisyah Noor of Morgan Stanley maintained a Buy rating on Smith & Nephew, retaining the price target of p1,482.00.
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Aisyah Noor has given his Buy rating due to a combination of factors that point to resilient fundamentals and earnings momentum at Smith & Nephew. The company delivered better‑than‑expected Q4 revenue and second‑half adjusted EBITA, alleviating prior concerns around skin substitutes, bone cement supply in the U.K. and the impact of recent portfolio streamlining charges, which are not anticipated to recur at similar levels in FY26.
Looking ahead, management reaffirmed an attractive FY26 outlook, targeting solid mid‑single‑digit organic sales growth and faster expansion in trading profit, supported by new product launches such as LANDMARK and Allevyn Complete Care. While the Integrity Orthopaedics acquisition is modestly dilutive to EBIT in 2026, EBIT is still expected to reach roughly $1.3 billion, in line with consensus, giving Noor confidence that the stock’s modest upside potential justifies a Buy recommendation.