A potential acquisition of NuVasive (NUVA) "makes some sense" for Smith & Nephew (SNN) as it adds the number three spine company and adds to growth, Jefferies analyst Raj Denhoy tells investors in a research note. The analyst's model shows accretion in year two with return on invested capital 10% in year five. However, the timing of the reported talks is "strange" given the recent management change at NuVasive, adds the analyst. Further, Denhoy believes questions on if spine and NuVasive are the best places for Smith & Nephew to invest will persist. The analyst keeps a Buy rating on NuVasive with a $68 price target.