Ametek upgraded to Outperform from Perform at Oppenheimer

Oppenheimer analyst Christopher Glynn upgraded Ametek to Outperform from Perform with a $200 price target. The upgrade reflects “strong runway” on the Paragon integration and additional acquisition capacity, sturdy end-market mix, and robust operations, the analyst tells investors in a research note. The firm says Paragon Medical is tracking to 8c-10c of per share initial 2024 accretion, with 6c-7c in 4Q as Ametek starts to see integration benefits and lower deal interest paydown. Opco sees significant opportunity to drive material structural efficiencies.