Oppenheimer Holdings Reiterates Outperform Rating, $70 PT on Nordson Corporation
In a report published Monday, Oppenheimer Holdings reiterated its Outperform rating and $70.00 price target on Nordson Corporation (NASDAQ: NDSN).
Oppenheimer Holdings noted, “Broad-based demand and contributions from recent acquisitions drove record results, as margin-dilutive mix shift moderated pull-through of the overall demand strength. Lower margin outlook for 1Q13 included a mix shift on strength at Industrial Coatings, lower contribution from parts (systems up), and a ~$2M/Q increase in SG&A expenses (new product development, Asia localization at ATS). Outlook calls for another solid year for mobile and medical applications at ATS, currently strong demand at Coatings from larger customers, and balanced growth at ADS (potential upside from new technology driving productivity investment). Management also hinted at greater synergy opportunities from EDI & Xaloy beyond FY13 than originally anticipated, both on the revenue (greater customer pull) and cost side.”
Nordson Corporation closed on Friday at $61.10.
Latest Ratings for NDSN
|May 2016||KeyBanc||Initiates Coverage on||Sector Weight|
|Feb 2016||SunTrust Robinson Humphrey||Maintains||Buy|
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.