UPDATE: Oppenheimer Downgrades IDEX Corp (IEX) to Perform on Valuation

October 2, 2012 6:52 AM EDT Send to a Friend
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Price: $77.68 -0.65%

Rating Summary:
    5 Buy, 11 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 5 | Down: 15 | New: 22
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(Updated - October 2, 2012 11:03 AM EDT)

Oppenheimer downgraded IDEX Corp (NYSE: IEX) from Outperform to Perform.

"While longer term prospects for the company remain upbeat, we believe sources of revenue-driven earnings upside are limited near term," the analyst comments. "We believe investors are more apt to reward attractive organic growth trends and prospects rather than gains from cost controls or share repurchases in the near term. Additionally, recent strength in the shares has lifted IEX to our price target, a valuation close to its 5-year average P/E of 15x, rendering risk/reward more balanced, in our view."

For an analyst ratings summary and ratings history on IDEX Corp click here. For more ratings news on IDEX Corp click here.

Shares of IDEX Corp closed at $41.70 yesterday.

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