KeyBanc analyst Jeffrey Hammond upgraded Nordson to Overweight with a $135 price target. Despite concerns, the analyst believes Nordson's Advanced Technology story has legs given improving semiconductor capex in 2017, meaningful business wins with Chinese smartphone makers pushing for greater automation, and diversification through on-wafer dispense and inspection systems as well as in Medical and Industrial. Further, Hammond has increased confidence in a cyclical recovery in industrial capex trends and potential benefits from corporate tax reform.