Oppenheimer Downgrades Nordson (NDSN) to Perform
- AT&T (T) to Acquire Time Warner (TWX) for $107.50/Share
- Rockwell Collins (COL) to Acquire B/E Aerospace (BEAV) for $6.4B
- Top 10 News for 10/17 - 10/21: Merger Rumors Abound; CEOs Depart; Tesla Kicks Autopilot Up A Notch
- Wall Street ends little changed; Microsoft hits record
- AT&T (T) in Advanced Talks to Acquire Time Warner (TWX) - DJ
Find out which companies are about to raise their dividend well before the news hits the Street with StreetInsider.com's Dividend Insider Elite. Sign-up for a FREE trial here.
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Imperial Capital Raises Price Target on Proofpoint (PFPT) Following Strong 3Q Results
- SunTrust Raises Price Target on E*TRADE Financial (ETFC) to $31 Following Solid 3Q
- RBC Capital Raises Price Target on Benchmark Electronics (BHE) Following In-Line 3Q
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Downgrades
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!