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Smith & Nephew: shares up after broker initiates with 'buy'.

(CercleFinance.com) - Shares in British medical device maker Smith & Nephew rose as much as 2% today, after Commerzbank initiated coverage of the stock with a "buy" rating and a target price of 1,600 pence.

In a report, Commerzbank said that the group is "moving in the right direction," as an ageing population and the increase in age-related diseases are driving demand for its instruments, which are particularly used for hip repair.

"Backed by emerging markets exposure, the company's portfolio has also shifted towards higher growth areas, which now make up over 50% of revenues," the German broker said.

At 10:45 AM, shares of Smith & Nephew were up 1.5% at 1,317 pence.

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