RBC Capital Cuts Price Target on Ametek (AME) to $57; Reiterates Outperform
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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."
Shares of Ametek Inc. closed at $44.89 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesRBC Capital, Earnings, Definitive Agreement
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