Oppenheimer Reiterates an 'Outperform' on IDEX Corp (IEX); Still Top Pick After Meetings with Management
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Price: $238.94 -0.08%
Rating Summary:
15 Buy, 13 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
15 Buy, 13 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Oppenheimer reiterates an 'Outperform' on IDEX Corp (NYSE: IEX), lowers price target from $55 to $50.
Oppenheimer analyst said, "We attended meetings with IEX CFO Heath Mitts and discussed an overview of the company's long-term strategic goals, near-term business trends and overall macro environment. While macro fears remain heightened, business fundamentals remain encouraging, and at this point, even across the shorter cycle businesses, and continue to reflect a picture in line with management's current guidance. With shares down 27% since July, we believe are pricing in a worst-case scenario. IEX remains our top pick."
"Our '11E remains $2.50. We are comfortable with our 3Q estimate. Our '12E is now $2.95 from $3.05 on more conservative assumptions given the current
environment."
For more ratings news on IDEX Corp click here and for the rating history of IDEX Corp click here.
Shares of IDEX Corp closed at $34.29 yesterday.
Oppenheimer analyst said, "We attended meetings with IEX CFO Heath Mitts and discussed an overview of the company's long-term strategic goals, near-term business trends and overall macro environment. While macro fears remain heightened, business fundamentals remain encouraging, and at this point, even across the shorter cycle businesses, and continue to reflect a picture in line with management's current guidance. With shares down 27% since July, we believe are pricing in a worst-case scenario. IEX remains our top pick."
"Our '11E remains $2.50. We are comfortable with our 3Q estimate. Our '12E is now $2.95 from $3.05 on more conservative assumptions given the current
environment."
For more ratings news on IDEX Corp click here and for the rating history of IDEX Corp click here.
Shares of IDEX Corp closed at $34.29 yesterday.
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