Novanta price target raised to $175 from $170 at Baird

Baird analyst Robert Mason raised the firm’s price target on Novanta to $175 from $170 and keeps a Neutral rating on the shares. The firm said the company’s planned new product driven 2H sales/profit ramp and core growth acceleration is largely on track, despite stiffer Industrial and life sciences capex tightness/headwinds that limits CY24 revenue growth.