Envista initiated with an Underperform at Leerink

Leerink initiated coverage of Envista with an Underperform rating and $19 price target. The firm seed too many areas of uncertainty, across numerous product lines and with broad-based margin expansion, to see near-term catalysts for upside, the analyst tells investors in a research note. In addition, the potential for elongated slower demand for high-end equipment and/or an elongated repositioning of the company’s implant segment, particularly in the U.S., could create downside variability, the firm says.