Oppenheimer Reiterates Perform Rating on IDEX Corp. (IEX)

Oppenheimer is out with a research report this morning, where it reiterates its Perform rating on IDEX Corporation IEX; it did not provide a price target for shares. The Oppenheimer analysts cited the company's recently reported quarterly earnings report, where EPS and revenue beats their estimates. The analysts believe that the stocks recent underperformance is related to some profit taking and expectations for an earnings beat already baked in. They added, “while shares currently trade at a premium to our industrial group on '11E, we find this justified by long-term organic growth opportunities supported by a solid acquisition pipeline. At current levels we believe shares should find support and we see limited downside, but note potential near-term multiple constraints given lack of deal flow of late and global macro uncertainty.”