Envista initiated with a Neutral at UBS

UBS initiated coverage of Envista with a Neutral rating and $26 price target. Based on the firm’s channel checks with equipment manufacturers and suppliers and large DSOs, the firm sees risk to Q4 consensus earnings and an unrealistic margin ramp to Street FY24 EBITDA estimates, the analyst tells investors in a research note. Much of the downside to the stock is already priced in, UBS adds.