UBS Cuts Price Target on Roper Industries (ROP) to $190 Following Weak 2Q
UBS maintained a Buy rating on Roper Industries (NYSE: ROP), and cut the price target to $190.00 (from $195.00), following the company's 2Q earnings report. ROP reported EPS of $1.56, below consensus of $1.61, and at the low end of guidance. 2016 EPS guidance was lowered to $6.57-$6.71 from $6.85-$7.15.
Analyst Shannon O'Callaghan commented, "Roper 2Q16 adjusted EPS of $1.56, was below our $1.61 estimate, consensus of $1.61 and at the low end of guidance ($1.56-1.61). Relative to our estimates the segments were a $0.06 miss led by RF Tech (-$0.05) and Medical & Imaging (-$0.04), partially offset by Industrial Tech (+$0.02) and Energy (+$0.01). Organic sales declined 2% vs. our flat estimate with RF Tech -4% (vs. our flat), Medical & Imaging +4% (vs. our +7%) and Industrial Tech -1% (vs. our +1%), while Energy was in line with our estimate (-14%). Orders grew 9% (+2% organically) in 2Q and book-to-bill stands at 1.02x."
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Shares of Roper Industries closed at $163.33 yesterday.