UPDATE: Jefferies Raises PT to $50 on IDEX
Jefferies reiterates its Buy rating on IDEX (NYSE: IEX) and raises its price target by $1 to $50 a share on a strong fourth quarter and multiple earnings drivers.
Jefferies notes, "4Q11 EPS from ops increased 19% and exceeded expectations on broad-based sales growth. Core orders were flat in 4Q owing to several factors, but January orders accelerated. 2012 guidance captures our/Street forecasts. We believe there are multiple earnings drivers and there is good visibility on guidance."
IEX closed at $42.06 a share on Tuesday.
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