Morgans expects business at Nanosonics will be on a more normal footing from FY23. Forecasts for FY23 and FY24 are downgraded after an increase in cost assumptions to be more in-line with guidance and a decrease in forecast European growth rates.
The broker also defers the revenue contribution from the new CORIS product to FY24 from FY23. While the target price falls to $4.86 from $5.43, the Add rating is retained after a significant share price fall.
Sector: Health Care Equipment & Services.
Target price is $4.86.Current Price is $3.09. Difference: $1.77 – (brackets indicate current price is over target). If NAN meets the Morgans target it will return approximately 36% (excluding dividends, fees and charges – negative figures indicate an expected loss).
