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Nordson Could Scale to Fresh Record High on Strong Q3 Earnings; Target Price $265

The Westlake, Ohio-based medical device manufacturer Nordson is expected to report its fiscal third-quarter earnings of $2.07 per share, which represents year-over-year growth of over 45% from $1.42 per share seen in the same period a year ago.

The maker of adhesives and industrial coatings would post revenue growth of about 12% to $600 million. Nordson will report 3Q FY21 earnings on Monday, August 30th. It is important to note that the company beat consensus expectations for EPS four times in a row.

Nordson shares have gained over 16% so far this year. The stock hit an all-time high of $235.78 on Friday, trading 0.72% higher.

Analyst Comments

“We are tactically constructive into Nordson’s (NDSN) 3Q21 earnings release next week, as we see the likelihood for a 3Q21 beat and full-year guidance raise. Additionally, we think NDSN’s favourable exposure to electronic components shortages (more an upside opportunity than downside risk) is differentiated,” noted Connor Lynagh, equity analyst at Morgan Stanley.

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“We are making moderate revisions to our prior estimates, largely reflecting our incrementally positive outlook on NDSN’s end-markets. The impact on our long-term estimates is limited, with FY21 EBITDA only ~3% higher. Near-term, we have raised our 3Q consolidated revenue growth by ~400bps, with ATS ~700bps higher. Consequently, 3Q revenue is ~3% above prior, with EBITDA ~5% higher as well.”

Nordson Stock Price Forecast

Two analysts who offered stock ratings for Nordson in the last three months forecast the average price in 12 months of $265.50 with a high forecast of $276.00 and a low forecast of $255.00.

The average price target represents a 13.14% change from the last price of $234.66. All those two analysts rated “Buy”, none rated “Hold” or “Sell”, according to Tipranks.

Morgan Stanley gave the base target price of $230 with a high of $260 under a bull scenario and $160 under the worst-case scenario. The firm gave an “Equal-weight” rating on the company’s stock.

Several other analysts have also updated their stock outlook. D.A. Davidson raised the target price raised to $255 from $250. Berenberg lifted the target price to $275 from $265. Wells Fargo upped the price target to $245 from $230.

Check out FX Empire’s earnings calendar

This article was originally posted on FX Empire

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