UPDATE: Oppenheimer Lowering Price Target On IDEX Corporation

Oppenheimer & Co. is out with a research report on IDEX Corporation

and is lowering its price target to $50 from $55, but is keeping its Overweight rating. In a note to clients, Oppenheimer & Co. writes, "We attended meetings with IEX CFO Heath Mitts and discussed an overview of the company's long-term strategic goals, near-term business trends and overall macro environment. While macro fears remain heightened, business fundamentals remain encouraging, and at this point, even across the shorter cycle businesses, and continue to reflect a picture in line with management's current guidance. With shares down 27% since July, we believe are pricing in a worst-case scenario. IEX remains our top pick. Reiterate Outperform rating." Shares of IEX closed at $34.29 yesterday.