Envista price target lowered to $21 from $23 at UBS

UBS lowered the firm’s price target on Envista (NVST) to $21 from $23 and keeps a Neutral rating on the shares following the capital markets day. The company’s 3-5 year mid-term framework of 2-4% core sales growth, 4%-7% adjusted EBITDA growth, and 7%-10% adjusted earnings growth appeared to “err on the side of conservatism” and was set under the assumption that the underlying dental market does not return to the historical levels of 3%-5% annual growth over the timeframe, the analyst tells investors in a research note. UBS believes Envista’s targets are “achievable and rational” given the current environment, and that the stock should work when the macro environment improves.