Analyst Joseph C Giordano of TD Cowen maintained a Hold rating on Ametek (AME – Research Report), with a price target of $165.00.
Geoff Meacham has given his Hold rating due to a combination of factors encompassing Ametek’s performance and market expectations. While Ametek’s execution has been consistently strong, current order trends have not been as positive, showing a negative trajectory albeit an improvement compared to the previous quarter. The analyst anticipates revenue growth to be in the low single digits this year, which indicates a modest advancement from last year’s approximate 4% increase.
Additionally, Ametek’s leverage is considered low, which typically reflects a solid financial structure. However, Giordano suggests that a slowdown in the pace of acquisitions is likely in the near term, especially following the completion of their largest deal to date. The projected Price Target (PT) is based on nearly 18 times and 23 times FY24 earnings, which may imply limited upside potential from the current levels, thus justifying the Hold rating.
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Based on the recent corporate insider activity of 84 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of AME in relation to earlier this year.
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Ametek (AME) Company Description:
AMETEK, Inc. is a global manufacturer of electronic instruments and electromechanical devices. The company specializes in manufacturing instruments used for monitoring, examining, calibration and display purposes in the power, aerospace and industrial instrumentation markets. It also produces engineered electrical connectors and electronics packaging for electronic applications in defense, aerospace, medical and industrial markets.
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