Canaccord Genuity analyst Caitlin Cronin has maintained their bullish stance on ENOV stock, giving a Buy rating today.
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Caitlin Cronin’s rating is based on Enovis’s strong financial performance and strategic initiatives. The company reported a robust third quarter with a 9% increase in revenue, surpassing expectations. This growth was driven by significant gains in their Recon and P&R segments, particularly in global extremities and hips & knees. Despite some challenges, such as capital headwinds in the US knee/hip segment, Enovis managed to expand its adjusted gross margin and maintain a positive outlook for future growth.
Additionally, Enovis has raised its expectations for adjusted EBITDA and EPS for FY25, supported by effective operational execution and favorable external factors like FX tailwinds and tariff improvements. The company’s focus on commercial execution, operational excellence, and financial discipline, along with strategic divestitures like Dr. Comfort, positions it well for future success. Furthermore, with Enovis trading at a valuation significantly lower than its peers, Cronin sees the stock as undervalued, reinforcing the Buy rating.
In another report released today, Robert W. Baird also maintained a Buy rating on the stock with a $45.00 price target.
Based on the recent corporate insider activity of 64 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of ENOV in relation to earlier this year.