Smiths Group initiated with a Hold at Berenberg

Berenberg initiated coverage of Smiths Group with a Hold rating and 1,850 GBp price target. Smiths” diversification provides some relative earnings resilience that could provide some near-term outperformance if industrial cyclical markets remain weak, but Berenberg sees more outperformance in the sector on a 12-month view, the analyst tells investors in a research note,