RBC Capital Cuts Price Target on Ametek (AME) to $57; Reiterates Outperform
- Wall Street lower as oil snaps four-day rally
- Equinix (EQIX) Announces $3.6B Acquisition of Data Center Portfolio from Verzion (VZ)
- Deal Progress Said to Slow as Johnson & Johnson (JNJ) Puts Actelion (ALIOY) Under Microscope - Source
- Trump Wants to Cancel New Air Force One Order with Boeing (BA)
- Roper Industries (ROP) to acquire Deltek in $2.8B Deal
Get instant alerts when news breaks on your stocks. Claim your 2-week free trial to StreetInsider Premium here.
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."
Shares of Ametek Inc. closed at $44.89 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: Stifel Downgrades PennTex Midstream Partners, LP (PTXP) to Hold
- Wedbush Raises Price Target on Regions Financial (RF) to $15; Reiterates Outperform
- FBR Capital Raises Price Target on Matador Resources (MTDR) Following Announced Offerings
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesRBC Capital, Earnings, Definitive Agreement
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!