Jefferies analyst Brandon Couillard initiated coverage of Envista (NVST) with a Buy rating and $34 price target. Envista is emerging from a three-year turnaround inside Danaher (DHR) as a much stronger stand-alone company, well positioned for improved growth and margin expansion, Couillard tells investors in a research note. He finds the stock's current valuation as compelling.

Morgan Stanley analyst Erin Wright downgraded Envista to Equal Weight from Overweight with a price target of $21, down from $33. While the shares have come under pressure and investor expectations are not overly high, there is further downside risk for Envista in a "lackluster" dental market with softer practice visit volumes amid a transitioning C-Suite, the analyst tells investors in a research note. The firm cut estimates to reflect slower organic revenue growth on weak demand and continuing share loss as well as EBITDA margin degradation. It says limited visibility on the company's path forward also contributes to the downgrade.

Baird raised the firm's price target on Danaher to $271 from $259 and keeps an Outperform rating on the shares. The firm said they reported 1Q results above expectations, helped by respiratory testing and bioprocessing upside. The company saw encouraging bioprocessing trends, with orders growing mid-single-digits, and noted normalization of large customer ordering patterns, with management expecting destocking to be largely complete by 2Q24-end.

Barclays raised the firm's price target on Danaher to $270 from $260 and keeps an Equal Weight rating on the shares post the Q1 report. The company's orders came in above expectations, the analyst tells investors in a research note. The firm says bioprocessing names continue to be favored by investors and that it does not see this changing in the near term.