Avanos Medical Inc

Company Overview: Avanos Medical, Inc. (NYSE: AVNS) is a medical device company, which is focused on delivering solutions. The Company offers healthcare needs, such as providing nutrition to patients from hospital to home and reducing the use of opioids while helping patients move from surgery to recovery. The Company conducts its business in one segment that provides its medical device products to healthcare providers and patients globally with manufacturing facilities in the United States and Mexico.

As per our previous US Diversified Opportunities Report published on ‘AVNS’ on 16^th May 2024, Kalkine provided an ‘Buy’ stance on the stock at USD 20.03 based on “recent key business and financial updates, increased sales, attractive valuation, mentioned key risks, optimistic outlook, strong adjusted EBITDA growth, and trading levels” and the stock price has now moved by ~18.57% since then and has attained resistance 1 and resistance 2.

Noted below are the details of support and resistance levels provided in our previous report:

AVNS’s Daily Chart

Considering the current trading levels, resistance 1 and resistance 2 attainment, risks associated, and volatile market conditions on the back of higher interest rates, an ‘Sell’ rating is assigned to the “AVNS” at the closing market price of USD 23.75 (as of August 01, 2024). 

Note: This report may be updated with details around fundamental and technical analysis, price/ chart in due course, as appropriate

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance level is August 01, 2024. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: Target Price refers to a price level that the stock is expected to reach as per the relative valuation method and or technical analysis taking into consideration both short-term and long-term scenarios.

Note 5: ‘Kalkine reports are prepared based on the stock prices captured either from the New York Stock Exchange (NYSE), NASDAQ Capital Markets (NASDAQ), and or REFINITIV. Typically, all sources (NYSE, NASDAQ, or REFINITIV) may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.’