Nordson price target lowered to $295 from $315 at DA Davidson

DA Davidson lowered the firm’s price target on Nordson to $295 from $315 and keeps a Buy rating on the shares after its Q2 results and below-consensus guidance. The firm is cutting its FY24 EPS view to $9.55 from $10.25 and its FY25 view to $10.60 from $11.15, refecting lack of inflection in semiconductor / electronics orders within the Advanced Technology Solutions segment as well as incremental headwind within its recently acquired agriculture implement-related business, the analyst tells investors in a research note. The firm adds however that Nordson’s balance sheet remains highly supportive of capital deployment optionality enabled by strong free cash flow generation.