UPDATE: Stifel Nicolaus Downgrades IDEX Corporation to Hold on Valuation
Stifel Nicolaus downgraded IDEX Corporation (NYSE: IEX) from Buy to Hold and removed the price target of $49.00.
Stifel Nicolaus commented, "We are moving our rating to Hold on IDEX as the shares have reached our target price. At this time we believe the valuation to be full with a lack of clear near-term catalysts to move the shares higher. We believe management is making the right investments for the long-term growth of the company, with a high quality portfolio which is likely to grow share and expand margins. In the near term we believe challenging HST end markets and some tougher comps ahead in FSD are likely to hold the shares back, which has us moving to the sidelines for now."
IDEX Corporation closed at $48.96 on Tuesday.
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