IDEX Corp (IEX) PT Lowered to $238 at Oppenheimer

Oppenheimer analyst Bryan Blair lowered the price target on IDEX Corp (NYSE: IEX) to $238.00 (from $245.00) while maintaining a Outperform rating.

The analyst commented: "IDEX reported 2Q24 adjusted EPS of $2.06, ahead of our/consensus $2.04E on favorable below-the-line impact. Operationally, results were broadly, albeit modestly lower vs. expectations with HST margin an exception (+10bps y/y, +100bps vs. our modeling). Consolidated revenue declined 5% y/y (-4% organic), primarily driven by continued core HST sales weakness (-11%). Orders grew 1% (+2% organic). IDEX lowered 2024 organic sales guidance to down 1–2% y/y (from flat to +2%), also revising its adj. EPS outlook to $7.80–7.90 (from $8.15–8.45). Although HST headwinds continue to pressure run-rate IDEX growth/profitability, IEX valuation (low/mid-20s fwd P/E) should prove reasonably supportive if key HST platforms enter recovery mode into 2025. Accretive M&A (including Mott) also provides upside potential vs. our modeling and valuation rationale."

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