RBC Capital Cuts Price Target on Ametek (AME) to $57; Reiterates Outperform

November 2, 2016 7:54 AM EDT
Get Alerts AME Hot Sheet
Price: $50.81 +0.26%

Rating Summary:
    9 Buy, 6 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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RBC Capital maintained an Outperform rating on Ametek Inc. (NYSE: AME), and cut the price target to $57.00 (from $59.00), following the company's 3Q earnings report. AME reiterated 2016 EPS estimates to $2.30, though lowered 2017 estimates to 10c to $2.40. AMETEK also issued 4Q16 EPS guidance of $0.57-$0.59.

Analyst Deane Dray commented, "There was a palpable sigh of relief with Outperform-rated AMETEK’s modestly ahead of expectations 3Q16 results and tightened 2016 guidance, solid FCF conversion, and bolt-on acquisition. Following its string of oil-stressed quarterly disappointments, this had the feel of a “must-deliver” quarter. AMETEK might not be completely out of the woods, but the path out seems more visible, and relative valuation looks attractive."

For an analyst ratings summary and ratings history on Ametek Inc. click here. For more ratings news on Ametek Inc. click here.

Shares of Ametek Inc. closed at $44.89 yesterday.

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