Envista downgraded to Hold from Buy at Jefferies

Jefferies downgraded Envista to Hold from Buy with a price target of $23, down from $30. The firm says conviction in its prior growth thesis “wanes” as the company’s “long-awaited” turnaround in implants now seems unlikely to bear out until 2025. The analyst remains bullish on Spark’s runway in clear aligners, but expects other parts of portfolio will continue to face challenges in 2024. While the stock’s valuation isn’t demanding, Jefferies struggles to justify multiple expansion, given Envista’s “muted” growth and back-end loaded guidance, the analyst tells investors in a research note.