KeyBanc analyst Jeffrey D. Hammond reiterated an Overweight rating on the shares of Nordson Corporation NDSN, raising the price target to $270 from $255.
The analyst applauds Nordson's multiple expansionary moves, which have been roughly in line with the broader market.
The company offers an attractive risk/reward profile as the broader semiconductor industry inflects with earnings momentum set to build meaningfully in 2024.
In addition, a clean balance sheet (~1.0x leverage) should provide durable earnings momentum moving forward to Nordson, the analyst adds.
Overall, the analyst feels the stage is set for healthy earnings momentum into 2024 for NDSN, with multiples moving higher as investors better appreciate the setup.
Price Action: NDSN shares are trading lower by 0.07% to $236.20 on the last check Thursday.
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