Oppenheimer Reiterates Outperform Rating on Ametek Inc. (AME)

Oppenheimer analyst Christopher Glynn reiterated an Outperform rating and $190.00 price target on Ametek Inc. (NYSE: AME).

The analyst comments "We examine AME's portfolio fundamentals, backlog dynamics, and 2H guidance positioning. AME's '24 guidance cut (first since 2015) to about flat–(2.5)% organic from +l-msd, reflects persistent softness for A&ES (Automation and Engineered Solutions; issue is mainly inventor-related), essentially serving discrete automation. We estimate ~$480M/7.3% acquisitions vs. ~9% pre-2Q24, related to Paragon Medical acquisition/customer destocking. AME continues to note that the lighter organic essentially reflects A&ES (~$1.2B/17% sales), with the balance of portfolio fairly solid: Process and Power & Industrial flattish+ current outlook vs. ~+lsd+ prior; Aero/Defense outlook remains +hsd (2Q +msd with short-term defense shipment delays). Generally, AME notes strong customer new activity picture and no mix down; absence of these standard downturn indicators suggests guidance captures reasonable risk range."

For an analyst ratings summary and ratings history on Ametek Inc. click here. For more ratings news on Ametek Inc. click here.

Shares of Ametek Inc. closed at $164.30 yesterday.

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