As reported earlier, DA Davidson analyst Matt Summerville downgraded Nordson to Neutral from Buy and lowered his price target to $125 from $160 while also reducing his FY19 and FY20 EPS views by 40c to $6.20 and $6.95 respectively. The analyst believes that the current Street consensus for Nordson's Q1 and FY19 is too high because of the weaker macro environment in China - particularly in consumer electronics - as evidenced by its decline in consumer confidence since February. Summerville also points to the headwinds of trade and tariff related uncertainty as well as the adverse FX impact on the company that is expected to persist throughout FY19.