UPDATE: Stifel Nicolaus Lowers PT to $49 on IDEX Corporation on Uncertainty
Stifel Nicolaus reiterated its Buy rating on IDEX Corporation (NYSE: IEX) and lowered its price target from $51 to $49.
Stifel Nicolaus commented, "The company's core FMT and HST segments have seen increased weakness in their end markets as capital spending and inventories are tightly managed with uncertainty around U.S. elections/fiscal cliff/Chinese leadership change/China economic uncertainty. It is our belief that as these uncertainties abate over the next few months demand will improve somewhat. From a micro level we believe management has done a good job managing to current demand levels and is now reaping the benefits of right sizing CVI's cost structure. IDEX ramped up restructuring activities in the quarter and is beginning to see the benefits of actions taken earlier in the year."
IDEX Corporation closed at $41.50 on Tuesday.
Latest Ratings for IEX
|Jul 2016||Janney Capital||Upgrades||Neutral||Buy|
|Jun 2016||Janney Capital||Initiates Coverage on||Neutral|
|May 2016||KeyBanc||Initiates Coverage on||Sector Weight|
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.