UPDATE: Barrington Lowers PT on IDEX to $45

Barrington is out with its report today on IDEX

, lowering its PT to $45 from $55. In its report, Barrington writes, "We reiterate our OUTPERFORM rating. We believe that IEX is a very high quality industrial company that should have double-digit EPS growth in 2011-2016 due to a superior business strategy and a management team that has demonstrated ability. We are lowering our price target to $45 from $55." Shares of IEX closed Thursday at $34.29.