Nordson downgraded to Neutral from Outperform at Baird

Baird downgraded Nordson (NDSN) to Neutral from Outperform with a price target of $237, down from $294. The company’s fiscal Q4 beat expectations but the Q1 guidance is below estimates and the fiscal 2025 guidance is second-half weighted, the analyst tells investors in a research note. The firm says Nordson’s end-market commentary suggests growth is “likely muted” in 2025. Baird sees limited catalysts for reacceleration until fiscal 2026. Nordson’s long-term opportunity is intact but Baird is taking a more patient near-term approach and looks to get more engaged as catalysts and paths to reacceleration become clearer, the analyst contends.