CNMD - Novanta raised to Outperform at William Blair on valuation

Novanta (NASDAQ:NOVT) is trading higher in the morning hours Wednesday after William Blair upgraded the diversified industrial company to Outperform from Market Perform noting an attractive entry point following its better-than-expected financials for 1Q 2022. The analysts led by Brian Drab observe that Novanta (NOVT) has lost approximately 35% from its peak valuation in November. “We believe that, over the long term, the current share price will prove to be an attractive entry point for investors in this high-quality company,” the team wrote, noting that the company has continued its robust organic growth trend into 1Q 2022. There could be further upside to 2022 guidance implying 4% – 9% organic growth, the analysts added, citing the ongoing recovery in minimally invasive surgical procedures. The team points to views made by medical sector rivals such as Johnson & Jonson (JNJ) and ConMed (CNMD) on the recovery of surgical procedure volumes in

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Novanta raised to Outperform at William Blair on valuation