Smith & Nephew PLC’s (Smith & Nephew) ADR achieved our target price on 16 November 2009 closing at US$48.67. Although the current market price no longer supports a BUY rating we reiterate our BUY rating based on our positive outlook for the company, supported by our expectation of margin expansion from the company's Earning Improvement Program. We will reassess our target price and rating in our 3Q 09 update report. Despite our positive fundamental outlook we reiterate a HOLD rating for the UK stock as we expect a significant negative currency impact on the UK stock in the medium term. We will reassess our target price and rating in our 3Q 09 update report.

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