JMP Securities Starts Enovis Corp (ENOV) at Market Outperform

JMP Securities analyst David Turkaly initiates coverage on Enovis Corp (NYSE: ENOV) with a Market Outperform rating and a price target of $62.00.

The analyst comments: "We believe the recent LimaCorporate ("Lima") transaction is now largely de-risked, and that the cost savings and sales synergies that are on the way (peak dis-synergy was in 2Q), are not reflected in the stock's current valuation. With the deal's close at the beginning of the year, FY24 results have thus far reflected expected integration-related headwinds that have tempered the company's true growth and earnings potential, which we believe should come to fruition in 2025 and beyond. With the stock down ~25% YTD and trading at ~12x 2026 EPS estimates, the benefits from the acquisition (as well as the integration progress made so far) have not, in our view, been fully appreciated. With that in mind, we believe ENOV is undervalued compared to its mid-cap and ortho peers and warrants a higher P/E multiple given the top- and bottom-line catalysts ahead. Our $62 price target is based on an ~17x multiple (in line with mid-cap growth peers) applied to our 2026E EPS of $3.60."

For an analyst ratings summary and ratings history on Enovis Corp click here. For more ratings news on Enovis Corp click here.

Shares of Enovis Corp closed at $40.84 yesterday.

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