Nordson price target lowered to $272 from $303 at Baird

Baird lowered the firm’s price target on Nordson to $272 from $303 and keeps an Outperform rating on the shares. The firm said it was a complicated quarter, with numerous negatives such as unsurprising electronic/agriculture push outs, four consecutive quarters of estimate cuts, and disappointing forecasting/expectation which management balanced by its directionally unchanged long-term outlook, though estimate trajectory tranches lower/recovery timing is pushed out.