Avanos price target lowered to $20 from $24 at Stifel

Stifel lowered the firm’s price target on Avanos (AVNS) to $20 from $24 and keeps a Hold rating on the shares after the company announced the retirement of CEO Joe Woody and the appointment of Michael Greiner as interim CEO, along with Q3 results. Despite the overall disappointing top-line performance, Avanos basically held Q3 operating, pre-tax, and net income dollars roughly in line with the firm’s projections, the analyst tells investors in a research note. The firm noted that, despite the nearly $5M revenue shortfall compared to projections and resulting gross margin pressure, Avanos managed to maintain Q3 net income roughly in-line with its thinking. Stifel also said that it’s inclined to view the CEO transition as a positive one.