Crane NXT initiated with a Neutral at UBS

UBS initiated coverage of Crane NXT with a Neutral rating and $65 price target. The analyst thinks slowing demand and a lack of growth catalysts until closer to 2025 will likely temper the stock’s valuation. The firm believes Crane NXT’s earnings trajectory will be the most important stock driver in the near-term. Over the next 12-18 months, it foresees headwinds from softening consumer spend and the U.S. currency cycle, driving slower 2% sales and fat EBITDA growth.