Atmus Filtration price target raised to $36 from $27 at JPMorgan

JPMorgan raised the firm’s price target on Atmus Filtration to $36 from $27 and keeps an Overweight rating on the shares. Following the separation from its former parent, Atmus Filtration can “embark on a journey to accelerate” share gains in both first-fit and the aftermarket, improve operating margins, and diversify into industrial filtration through acquisitions, the analyst tells investors in a research note. The firm says the stock’s valuation multiple “remains deeply discounted” versus peers. It expects “beats-and-raises” from the company throughout 2024 as Atmus continues to gain share and lap easy volume compares in the aftermarket in the second half of 2024 when the freight markets are expected to recover.