This Analyst Selects Enovis As Top Pick For 2024: Spotlight On EMPOWR Revision Launch
Portfolio Pulse from Nabaparna Bhattacharya
Needham analyst Mike Matson has reiterated a Buy rating on Enovis Corporation (NYSE:ENOV) and raised the price target to $70 from $62, selecting it as his top pick for 2024 and adding it to the Needham Conviction List. Matson cites multiple growth drivers including the EMPOWR Revision launch, ARVIS 2.0 launch, and the Lima acquisition. He notes ENOV's attractive valuation at 11.1x the 2024 EBITDA estimate and expects continued EBITDA margin improvement. Matson anticipates the EMPOWR Revision system will gain momentum in 2024 and projects further accretive acquisitions. FY23 EPS is expected to be $2.32 with revenues of $1.698 billion. ENOV shares traded slightly lower at $53.45.
December 15, 2023 | 7:38 pm
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POSITIVE IMPACT
Needham analyst Mike Matson has raised the price target for Enovis Corporation to $70 and added it to the Needham Conviction List as a top pick for 2024, highlighting growth drivers such as the EMPOWR Revision launch and the Lima acquisition.
The positive outlook from a respected analyst, including a price target raise and addition to the Needham Conviction List, is likely to instill confidence in investors and could lead to a short-term increase in ENOV's stock price.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
Boston Scientific Corporation (NYSE:BSX) was replaced by Enovis Corporation on the Needham Conviction List as the top pick for 2024 by analyst Mike Matson.
Being replaced on the Needham Conviction List may be perceived negatively by investors and could potentially have a slight negative impact on BSX's stock price in the short term.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 60