Morgans upgrades Nanosonics ahead of result next week Morgans...

Morgans upgrades Nanosonics ahead of result next week
Morgans has upgraded Nanosonics (ASX:NAN) during the week from a hold to an Add, maintaining a 12-month target price of $5.19 ahead of its result half-year result next week.

“The stock has seen some recent volatility and basically gone from $5.20 to $4.50 when we moved our recommendation,” Power said.

“We like the story on the back foot so always looking for a reason to put it back on a Buy and with the share price weakness gave us more than 10% upside to our price target.”

NAN has developed and commercialised the trophon EPR device, a unique automated disinfection technology, which was the first major innovation in disinfection for ultrasound probes in more than 20 years.

The trademarked CORIS device is attempting to solve a complex disinfection problem in removing the biofilm from the flexible endoscope.

Power said he thinks the worst is over for NAN and the market will reward any good news with its half-year result next week.

“What we are looking for is positive commentary around the outlook in terms of how they are seeing the balance of the year,” Power said.