Envista price target lowered to $23 from $24 at Piper Sandler

Piper Sandler lowered the firm’s price target on Envista to $23 from $24 and keeps a Neutral rating on the shares. The firm notes the company reported Q4 results that included revenue just ahead of low Street expectations at $638M, but adjusted EBITDA and EPS weaker than expected. These margin problems likely aren’t resolving anytime soon, with initial 2024 guidance implying a year-over-year step down in profitability as management navigates the double whammy of heightened investments and the decremental margins from volume pressures during the planned N.A. implant turnaround, Piper says.