Bank of America Securities analyst Andrew Obin reiterated a Sell rating on John Bean Technologies (JBT – Research Report) yesterday and set a price target of $85.00.
Andrew Obin assigned a Sell rating to John Bean Technologies due to a variety of factors. Despite the company’s 3Q EPS exceeding Obin’s and consensus estimates, this beat was primarily driven by a lower tax rate and better than expected operations, as well as a reduction in interest expense. However, John Bean Technologies’ revenue fell short of predictions due to lower book and ship orders within the quarter.
Additionally, Obin expressed concern about the sustainability of the company’s improved free cash flow, given its history of underwhelming free cash flow generation. While the company has made some promising moves, such as investing in Denmark-based company Innospexion, Obin remains skeptical about the company’s performance. Consequently, he maintains an Underperform rating and a price objective of $85, reflecting a valuation based on 2025E P/E.
JBT’s price has also changed slightly for the past six months – from $102.470 to $105.890, which is a 3.34% increase.
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John Bean Technologies (JBT) Company Description:
John Bean Technologies Corp. is a technology solutions provider, which engages in the food, beverage, and air transportation industries. It operates through the JBT FoodTech and JBT AeroTech business segments. The JBT FoodTech segment designs, manufactures, and services technologically food processing systems for the preparation of meat, seafood and poultry products, ready-to-eat meals, shelf stable packaged foods, bakery products, juice and dairy products, and fruit and vegetable products. The JBT AeroTech segment supplies customized solutions and services used for applications in the air transportation industry, including airport authorities, airlines, airfreight, ground handling companies, the military, and defense contractors. The company was founded on May 12, 1994 and is headquartered in Chicago, IL.
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