Enovis $ENOV stock is doing a downtrend channelUptrend and downtrend channel patterns are technical analysis tools used to identify potential future price movements. They are formed by two parallel lines on a chart and can be u... breakout test on November 8, 2022, after the company reported beats on EPS and revenueThe income statement provides a summary of a company's revenue and expenses over a specified period of time, typically a year or a quarter. It shows the company's total revenue, th....
Enovis $ENOV Downtrend Channel Breakout Test On EPS and Revenue Beats
On November 2, 2022, Enovis announced its financial results for the third quarter of 2022. Enovis reported Q3 adjusted EPS of 59c versus the consensus estimate of 48c. The company reported Q3 revenue of $348M versus the consensus estimate of $381.18M.
“Our strong Recon growth this quarter included double-digit increases across hips, knees and extremities,” said Matt Trerotola, CEO. “For the total company, we are making significant progress towards our goal of sustainable high-single-digit organic growth, fueled by our successful positioning in faster-growing market sectors and impactful innovation. We also expect to improve our margins this year despite significant inflationary and currency pressures that are projected to continue into 2023.”
Enovis price target lowered at Baird
On November 3, 2022, Jeffrey Johnson, an analyst for Baird, lowered the price target on Enovis to $68 from $73 and kept an Outperform rating on the shares. The analyst said that his lower price target is driven by lower forward estimates, but he feels better about the fundamental performance given accelerating 3Q growth and continued margin expansion despite a tough macro environment.
Enovis initiated with a Buy at Jefferies
Young Li, an analyst at Jefferies, initiated coverage of Enovis with a Buy rating and $60 price target on October 12, 2022. Li tells investors in a research note that Enovis is an innovator in the $53B ortho market with a broad portfolio that touches every sector. The analyst expects the company to continue to grow due to good acquisitions and cross-selling.
Enovis initiated with a Buy at Goldman Sachs
On October 11, 2022, Amit Hazan, a Goldman Sachs analyst, started coverage of Enovis with a Buy rating and a $57 price target. Hazan tells investors that Enovis is a small player in the orthopedic market who is well set up to grow by double digits in the recon market. The analyst thinks that the company can grow its organic growth by high single digits in the next few years and increase its margin. In the years after that, inflation will probably make things easier for the company.
Enovis $ENOV Stock Technical Analysis
Enovis $ENOV stock is in a technical downtrend. The stock is currently testing a downtrend channel breakout on a positive MACDThe MACD indicator is essentially a momentum indicator that shows the relationship between two different moving averages of price. The MACD is the difference between the 12-period ... and positive money flow. If the downtrend channel breakout is successful, the next level of resistance is all the way up to $60.11.