RBC Capital Cuts Price Target on IDEX Corp. (IEX) to $101; Reiterates Outperform
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RBC Capital reiterated an Outperform rating on IDEX Corp (NYSE: IEX), and cut the price target to $101.00 (from $105.00), following the company's 3Q earnings report. IDEX’s in-line 3Q16 EPS and roughly unchanged 2016 guidance midpoint stand out as holding up relatively well. Management noted that the shortfalls and pushouts in “big ticket” project spending was largely borne from an erosion of CEO confidence and the second-derivative ripple effects of the oil sector collapse.
Analyst Deane Dray commented, "Despite tempering its organic growth outlook, Outperformrated IDEX’s in-line 3Q earnings and unchanged 2016 guidance midpoint are likely to compare favorably to the rest of its Multi-Industry sector peers this earnings season. Its mix of highly-engineered products is more insulated from the big-ticket capex squeeze pressuring most industrials. We like the prospects for an M&A catalyst from the reiterated $1 bil balance sheet capacity."
Shares of IDEX Corp closed at $86.79 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
Related EntitiesRBC Capital, Earnings
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