DA Davidson analyst Matt Summerville lowered the firm’s price target on Idex Corp. to $210 from $220 and keeps a Neutral rating on the shares after its Q2 results, below-consensus Q3 outlook, and guidance cut. Overall end market conditions for Idex remain “mixed”, absent an expected reacceleration in semiconductor demand and amidst increased macro/geopolitical/U.S. election uncertainty, the analyst tells investors in a research note. Longer term however, Idex maintains a strong balance sheet, solid free cash flow profile, and a long-term ability to compound capital on best-in-class execution, the firm added.
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Read More on IEX:
- Idex Corp. price target lowered to $241 from $256 at Baird
- IDEX Releases Latest Quarterly Operating Results Insights
- Idex Corp. cuts FY24 adjusted EPS view to $7.80-$7.90 from $8.15-$8.45
- Idex Corp. sees Q3 adjusted EPS $1.85-$1.90, consensus $2.19
- Idex Corp. reports Q2 adjusted EPS $2.06, consensus $2.04
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