Nordson downgraded to Sector Weight from Overweight at KeyBanc

KeyBanc downgraded Nordson to Sector Weight from Overweight without a price target. The firm continues to appreciate Nordson’s “best-in-class attributes,” but sees a more balanced risk/reward moving forward with the shares above its previous price target. A full valuation paired with poor visibility into an electronics inflection warrants a more cautious view on fiscal 2024 numbers, which have some downside risk, the analyst tells investors in a research note.