Nanosonics upgraded to Buy from Hold at Canaccord

Canaccord analyst Elyse Shapiro upgraded Nanosonics (NNCSF) to Buy from Hold with a price target of A$4.74, up from A$4.47. FDA De Novo approval for the company’s Coris device for endoscope reprocessing came in slightly ahead of the firm’s timelines, notes the analyst, who adds that management’s “good job to call out the slower launch cadence expected” allows the firm and investors to shift focus to the longer-term attractiveness of the device’s unit economics.