Ametek initiated with a Buy at Truist

Truist analyst Jamie Cook initiated coverage of Ametek with a Buy rating and $210 price target. The ISM is bottoming as channel inventories appear to be rightsized now and the index is highly correlated with Ametek orders and sales, implying the “mini downturn is over and sales and orders should begin to accelerate,” the analyst tells investors. The firm sees an opportunity for sales, margins, and earnings to “surprise on the upside” in the second half of 2024, the analyst added.