Oppenheimer Reiterates Outperform On Nordson Corporation, $92 PT

In a research report issued today, Oppenheimer analyst Christopher Glynn reiterated an Outperform rating on Nordson Corporation (NASDAQ:NDSN) with a price target of $92.00.

Glynn noted, “We highlight shares of NDSN as our preferred “pullback stock” currently, given (1) robust backlog growth as of FY3Q end should translate to heightened near-term visibility, and (2) breadth of long-term strategic drivers that remain on track. Backlog ended FY3Q14 up 36% y-o-y (25% organically) and 9% sequentially, and we believe recent strength in new mobile industry product launches potentially encouraging for follow-on demand for capacity automation. New product technologies, geographies, and expansion of addressable customer groups give us confidence in sustained long- term value-creation prospects.”

According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Christopher Glynn has a total average return of 15.5% and a 77.8% success rate. Glynn has a 12.2% average return when recommending NDSN, and is ranked #197 out of 3300 analysts.

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