Oppenheimer Downgrades Nordson (NDSN) to Perform
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Oppenheimer downgraded Nordson (NASDAQ: NDSN) from Outperform to Perform on valuation.
Analyst Christopher Glynn commented, "We are downgrading shares of NDSN to Perform from Outperform, acknowledging continued upside potential to estimates, but reluctant to stretch our target multiple beyond 20x FY17E EPS. We continue to expect long-term outperformance, but note sharply tougher comparisons beyond FY1Q17 and sometimes streaky demand fundamentals. To be sure, NDSN continues to execute success in diversifying end-market applications. Regarding the more cyclical mobile sector, increasing competition supports view of a more consistent growth profile emerging with expanding applications serving tier 1 customers, and accelerating automation investment among the tier 2 sector, and therein lies a potential folly of our tactical rating adjustment. Thus, we step to the side on valuation (prior PT was $92), but remain comfortable in long-term value creation of the business model."
Shares of Nordson closed at $101.96 yesterday.
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