Nordson rises after Seaport upgrades rating to 'buy'

Nordson

17/12/2024 14:49

(Updates)
    ** Shares of dispensing equipment maker Nordson Corp
 NDSN.O  rise 1.5% to $227.4 in early market hours
    ** Seaport Research upgrades rating to "buy" from "neutral"
    ** "We are upgrading NDSN due to the valuation and our
expectation that the NBS Next strategy should return the company
to above average profitable growth" - Seaport
    ** Brokerage says this strategy is positioned to drive
margins higher through its focus on optimizing product mix and
enhancing factory efficiency
    ** Says weak industrial activity which affected NDSN's
organic sales in the last two years could recover by early 2025,
on the back of lower interest rates and clarity around tariffs
    ** Initiates PT of $250, representing a 11.6% upside to
stock's last close
    ** Four brokerages rate the stock "buy" and six "hold";
their median PT is $255, according to data compiled by LSEG
    ** As of last close, stock down 14.2% YTD

 (Reporting by Aatreyee Dasgupta)
 ((Aatreyee.Dasgupta@thomsonreuters.com))