Berenberg Starts Nordson (NDSN) at Buy
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Berenberg analyst Andrew Buscaglia initiates coverage on Nordson (NASDAQ: NDSN) with a Buy rating and a price target of $22.00.
The analyst comments "Nordson is a manufacturer of automated precision dispensing and adhesive equipment, differentiated by its close customer relationships and direct sales channel (~95% of sales). Through a very large installed base, it sells aftermarket parts and has acquired its way into growing medical consumables markets. This has helped push recurring revenue to 54% of sales. In electronics, its dispensing and testing sales are poised to benefit from the miniaturisation of semiconductors and buildout of 5G infrastructure. We believe growth in this more-cyclical business (23% of sales) can surprise in 2021 as the industry is poised to rebound."
Shares of Nordson closed at $190.52 yesterday.
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