Envista downgraded to Neutral from Overweight at Piper Sandler

Piper Sandler analyst Jason Bednar downgraded Envista to Neutral from Overweight with a price target of $25, down from $39. The firm says the company’s Q3 results, updated 2023 guidance, and commentary on the earnings call left it with little conviction in continuing to recommend purchase of this stock. The macro environment is becoming less steady and Envista’s business mix leaves the company highly exposed to the temperature of the economy the analyst tells investors in a research note. Piper says even Envista’s more durable business lines “have entered the fray of unpredictable.”