Leerink Partners analyst Michael Cherny reiterated a Hold rating on Envista Holdings (NVST – Research Report) on February 5 and set a price target of $23.00.
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Michael Cherny has given his Hold rating due to a combination of factors influencing Envista Holdings. The company’s recent performance, particularly in the fourth quarter, showed improvements such as growth in the implants segment and a stable forecast for the fiscal year 2025, but there remains a lack of a strong catalyst to drive significant growth. Cherny acknowledges the efforts of the new management team in revitalizing the business, including strategic investments expected to yield sustainable growth over time. However, the dental market’s current softness poses a challenge to achieving more robust growth, and the company is still in the process of implementing these improvements.
Additionally, while there were positive signs like the anticipated launch of a new IOS scanner, uncertainties persist, particularly in the overall market demand and performance in specific regions such as China. The necessity of ongoing investments to stimulate growth is also likely to pressure profitability in the near term. Given these mixed factors, Cherny maintains a Market Perform rating with a price target of $23, reflecting a cautious outlook as the company continues to navigate these challenges.