Oppenheimer Has Outperform On IDEX Corporation

Oppenheimer & Co. has an Outperform rating and a $53 price target on shares of IDEX Corporation IEX. In a note to clients, Oppenheimer writes, "Since the most recent market peak on 4/29, IEX has declined 9% vs. the S&P 500 down 6%. We believe the underperformance is mainly the result of investors' rotation into more defensive sectors in the face of disappointing economic data and recent macro events. IEX remains a top-quality industrial company that has exhibited solid through-the-cycle organic growth, supplemented by acquisitions and less cyclicality. We would use recent weakness as a buying opportunity as we expect IEX's operating performance to reassert itself, driving multiple expansion." Shares of IEX lost 5 cents yesterday to close at $42.78, a loss of 0.12%.