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On Thursday, Canaccord Genuity maintained a positive outlook on Enovis Corp (NYSE:ENOV), reiterating a Buy rating and a price target of $75.00. The affirmation came as analysts adjusted their financial model to align with the quarterly revenue guidance provided in the company’s recent announcement regarding their new CEO appointment and the financial guidance for FY25 shared previously. According to InvestingPro data, Enovis currently trades at $36.98, significantly below its 52-week high of $62.79, with a market capitalization of $2.11 billion.
The new CEO’s appointment was announced today, and the firm’s analysts have updated their forecasts to reflect the company’s reiterated expectations for Q1/24. These expectations were initially disclosed during the Q4/24 earnings call. In addition to the first quarter adjustments, Canaccord Genuity also revised its projections for the remaining quarters of 2025 to be consistent with Enovis’s full-year guidance and the consensus expectations further down the profit and loss statement. The company has demonstrated strong revenue growth of 23.46% in the last twelve months, and InvestingPro analysis indicates the stock is currently undervalued, with additional insights available in the comprehensive Pro Research Report.
The analyst at Canaccord Genuity, Kyle Rose, commented on the rationale behind maintaining the stock’s rating and price target. Rose stated, "We are updating our model to fall in line from a quarterly revenue perspective within reiterated Q1/24 expectations from ENOV’s new CEO appointment press release this morning and originally announced on its Q4/24 call. We are subsequently adjusting other 2025 quarters to fall in line with ENOV’s FY25 guidance announced on its Q4/24 call as well as consensus expectations down the P&L. We reiterate our BUY rating and PT of $75."
Enovis Corp, which is listed on the New York Stock Exchange under the ticker ENOV, has been the subject of continued analyst interest. The company’s financial performance and strategic leadership changes are closely monitored by investors and analysts alike, as these factors can significantly impact the company’s stock performance and future growth trajectory.
Canaccord Genuity’s decision to maintain its Buy rating and price target suggests confidence in Enovis’s ability to meet its financial targets and execute its strategic plans effectively. The price target of $75.00 remains unchanged, indicating the firm’s belief in the stock’s potential to reach this valuation.
In other recent news, Enovis Corporation reported its fourth-quarter 2024 earnings, surpassing analyst expectations with an adjusted earnings per share (EPS) of $0.98, compared to the forecasted $0.9147. The company achieved a 23% year-over-year increase in revenue, reaching $561 million, driven by strong performance in the orthopedics sector and successful integration of the Lima acquisition. Looking ahead, Enovis projects revenue for 2025 to be between $2.19 billion and $2.22 billion, with expected organic growth of 6-6.5% and adjusted EBITDA between $405 million and $415 million. The company also plans to focus on debt reduction and positive free cash flow.
In other developments, Enovis announced the appointment of Damien McDonald as its new CEO, effective May 12, 2025, succeeding Matt Trerotola, who is retiring. McDonald, with over 35 years of experience in the medical device industry, will also join the Enovis Board of Directors. Additionally, Enovis confirmed its financial guidance for the first quarter of 2025, projecting revenues between $555 and $563 million, with adjusted EBITDA ranging from $97 to $100 million. The company plans to discuss the management transition during its first-quarter earnings call in May 2025.
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