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In a report published Wednesday, Citigroup reiterated its Neutral rating on Roper Industries
ROP, and raised its price target from $103.00 to $112.00.
Citigroup noted, “We are increasing our target price from $103 to $112 to reflect our shift in our sector valuation. We continue to assume the large-cap MI-EE group should trade for 14.0x EPS, but are now applying this to our 2013 EPS estimates instead of the blend of 2012/2013 that we used previously. Our ROP target continues to assume the shares trade for a 35% premium to the target group multiple, at the high-end of its 10% to 35% historical relative range.”
Roper Industries closed on Tuesday at $102.49.
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