UPDATE: Stifel Nicolaus Initiates Buy, $49 Target on IDEX Corporation

Stifel Nicolaus initiates its coverage on IDEX Corporation IEX with a Buy rating and a price target of $49 a share on secular growth prospects and FCF generation. Stifel Nicolaus says, "We believe IDEX is positioned to grow organically faster than its end markets for several reasons. While a global company, IDEX generally has higher shares in developed markets, creating growth opportunities through increased penetration of emerging and developing regions. In some markets, particularly in life sciences, IDEX customers are moving toward more outsourcing of some functions (to concentrate on their own core competencies). This falls into IDEX's sweet spot, which should allow for organic growth above the market rate." IEX closed at $41.59 a share on Monday.