BUZZ-Smith & Nephew: Berenberg cuts to "hold", goes ex-div

** Shares (Berlin: DI6.BE - news) in Europe's largest maker of artificial hips and knees down 3.7 pct, second-largest losers on the FTSE 100 , after Berenberg cuts to "hold" from "buy", PT to 1340p from 1485p

** Berenberg analysts say they are more cautious about organic revenue outlook

** Analysts see revenue growth and pace of margin expansion over next 12-18 mths to fall short of investor expectations

** Say success of co's strategy to de-emphasise slower-growth areas and investment into faster-growth has been largely offset by missteps and one-off headwinds

** Stock also weighed as ex-div on Thursday, div worth 9.4p; share price falls 44p on the day

** Shares at 3-wk lows, set for their worst day in more than 2 mths; bottom of the Stoxx 600 Healthcare Index and near the bottom of the Stoxx 600

** Of 14 analysts on stock, 7 have "buy" or higher, 7 have "hold"; median PT of 1267p vs stock's Wednesday close of 1265p (venkateshasoumithri.mamidipudi.thomsonreuters.com@reuters.net)