Oppenheimer Reiterates Bullish Stance on Nordson (NDSN) Post Q1

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)."

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

Shares of Nordson closed at $78.41 yesterday.

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