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SNN

Smith & Nephew

$38.39

-1.78 (-4.43%)

, NUVA

NuVasive

$57.45

7.895 (15.93%)

11:42
02/11/19
02/11
11:42
02/11/19
11:42

Canaccord says sell NuVasive on deal speculation rally, buy Smith & Nephew

Canaccord Genuity analyst Kyle Rose advises investors in the near-term to sell NuVasive (NUVA) into the deal-related strength and add to positions in Smith & Nephew (SNN) on the acquisition speculation selloff. The analyst does not find a potential of NuVasive acquisition by Smith & Nephew "to be compelling." A deal could be disruptive to Smith & Nephew's turnaround in both commercial performance and investor sentiment, Rose told investors earlier in a research note. The analyst admits to being caught off guard by Friday's Financial Times report of deal talks. Not by the idea of M&A speculation, but rather the idea of Smith & Nephew "choosing to utilize nearly all of its acquisition bandwidth on a spine acquisition," says Rose. He believes the spine market "doesn't seem to check the right 'growth' boxes." Further, spine deals are "notoriously challenging" given the importance of the distributor/customer relationship and disruption caused in the commercial channels during integration, he adds. Should the talks progress, Rose believes it would take at least $60 per share, or a 21% premium to Friday's closing price, for NuVasive to seriously consider a deal. Share of NuVasive are up 15%, or $7.64, to $57.19 in midday trading while Smith & Nephew is down 4% to $38.43. From a long-term perspective, the analyst says he would maintain Buy ratings on both stocks should the deal were not to be ultimately consummated.

SNN

Smith & Nephew

$38.39

-1.78 (-4.43%)

NUVA

NuVasive

$57.45

7.895 (15.93%)

  • 06

    Mar

SNN Smith & Nephew
$38.39

-1.78 (-4.43%)

02/11/19
JPMS
02/11/19
NO CHANGE
JPMS
NuVasive does not seem to fit Smith & Nephew deal criteria, says JPMorgan
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.
02/11/19
JEFF
02/11/19
NO CHANGE
Target $68
JEFF
Buy
Smith & Nephew buying NuVasive 'makes some sense,' says Jefferies
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.
02/11/19
CANT
02/11/19
NO CHANGE
Target $50
CANT
Neutral
Smith & Nephew unlikely to acquire NuVasive, says Cantor Fitzgerald
Cantor Fitzgerald analyst Craig Bijou thinks a Smith & Nephew (SNN) acquisition of NuVasive (NUVA) is unlikely as he sees more attractive acquisition targets that would better align with the company's goals. Specifically, there are better potential acquisition targets in end markets adjacent to Smith & Nephew with faster growth that would better leverage the company's existing businesses, Bijou tells investors in a research note. He points out the overall spine market is growing by only 0%-2%, below the market growth of Smith & Nephew's current end markets. However, the analyst expects the Financial Times' report on Friday of deal talks to put pressure on shares of Wright Medical (WMGI). Many investors believe that Smith & Nephew is a potential acquirer of Wright and a NuVasive deal would make that combo unlikely in the near term, Bijou contends. He keeps a Neutral rating on NuVasive with a $50 price target.
02/10/19
PIPR
02/10/19
NO CHANGE
Target $70
PIPR
Overweight
Piper Jaffray does not believe Smith & Nephew, NuVasive deal will occur
Following an article by the Financial Times that indicated Smith & Nephew (SNN) was in talks to acquire NuVasive (NUVA), Piper Jaffray analyst Matt O'Brien says he does not believe this transaction will occur as the spine market does not grow much making it less attractive than other orthopedic segments and the landscape is littered with failed spine deals. The analyst thinks investors in NuVasive should take some profit, and anticipates shares of Wright Medical (WMGI) will trade lower on Monday as the most likely suitor for them would be off the table if a NuVasive deal occurred. Finally, the analyst believes a Smith & Nephew/NuVasive combination would be positive for Globus Medical (GMED) and SeaSpine (SPNE) as they would likely take share in the category. O'Brien reiterates an Overweight rating and $ 70 price target on NuVasive's shares.
NUVA NuVasive
$57.45

7.895 (15.93%)

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WEX

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$176.23

5.88 (3.45%)

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$176.23

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