Oppenheimer analyst Christopher Glynn reiterated an Outperform rating and $85 price target on Nordson (NASDAQ: NDSN) following Q1 results.

Glynn comments, "FY1Q (January quarter) adj. EPS of $0.69 ($0.69 GAAP) rose 23% vs. $0.56 in F1Q14, at the high end of $0.61-0.71 guidance, and above our $0.65 estimate and $0.67 consensus. Revenues of $379M grew 5% y-o-y (8% org., 3% acq., -5% FX, -1% rounding), vs. guidance for up 5-9% and our 7% estimate. Adjusted OM of 17.3% rose 170 bps y-o-y, and compared to our 16.4% estimate. Orders (12 weeks through 2/15) were up 14% y-o-y (excluding FX and pro forma for acquisitions in both periods) against a -4% comparison. FY2Q adjusted EPS guidance of $0.80-0.90 compares to $1.03 consensus, on revenues down 1-5% (organic (1)-3%, acqs +3%, FX -7%). Backlog of $230M increased 8% y-o-y (+6% organic). Based on customer project activity, orders trends, and backlog, NDSN expects double-digit organic growth in FY2H15 (hsd for FY15)."

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Shares of Nordson closed at $78.41 yesterday.