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UBS maintains a 'Neutral' on IDEX Corp (IEX); Expect Sluggish Growth for a While

July 30, 2012 1:33 PM EDT
Get Alerts IEX Hot Sheet
Price: $244.02 -0.44%

Rating Summary:
    14 Buy, 14 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 13 | Down: 11 | New: 11
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UBS maintains a 'Neutral' on IDEX Corp (NYSE: IEX) price target of $41.00 (from $43.00).

Analyst, Robert Barry, said, "Our take on 2Q: hurt by revenue pressure, some at high decrementals...Our core growth and margin outlook falls in 2012/13 and we see little opportunity of n/t acceleration, other than a better macro, while NIH-funding uncertainty poses downside risk. Our 2012E core growth falls 350bp in FMT and 400bp in HST but rises 100bp in FSD. Cuts reflect 2Q results/orders and weaker end market outlooks. Aggressive cost actions should bolster margins, but we’re taking our 2012E HST margin estimates down 150bp, FMT up 50bp, with FSD stable."

FY12 EPS estimate lowered from $2.84 to $2.68 and FY13 from $3.18 to $2.99.

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 $38.89 yesterday.


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