After hosting a call with management, JPMorgan analyst David Adlington believes Smith & Nephew (SNN) is "clearly setting out its intentions for higher M&A activity from here." However, Friday's report from the Financial Times of discussions with NuVasive (NUVA) don't seem to fit the company's criteria, Adlington tells investors in a research note titled "Feedback from management meeting - M&A clearly on the agenda, but we're not sure it's NuVasive." Further, early investor feedback indicates this deal would not be well received, although it would likely be at least high-single-digit earnings accretive, adds the analyst. Adlington points out the spine market is low growth. There is limited product differentiation, outcomes data is scant and push-back by payers has impacted procedure volumes, contends the analyst. He points out JPMorgan is forecasting 4% revenue growth for NuVasive in the near to mid term.