Ametek downgraded to Market Perform from Outperform at TD Cowen

TD Cowen analyst Joseph Giordano downgraded Ametek to Market Perform from Outperform with a price target of $160, down from $165. While the company’s execution “remains excellent,” its backlog has likely peaked in the near term and orders are accelerating to the downside, the analyst tells investors in a research note. The firm expects Ametek’s organic revenue to decline modestly in fiscal 2024, with trends worsening as the year progresses. TD says the stock’s valuation “doesn’t strike us as compelling in either direction.”