Baird bumps JBT Corporation price target to $128 after Q1 beat

Baird raised the firm’s price target on JBT Corporation to $128 from $127 and keeps an Outperform rating on the shares, noting that the company’s Q1 sales, EBITDA and EPS all beat consensus. 2023 full-year guidance was "basically" reiterated despite the beat and management provided an update that the AeroTech separation is still expected by year end, with a sale most likely, the analyst noted. The monetization of AeroTech is "an important milestone" that will allow management to reframe the longer-term business opportunity around a company with higher recurring revenues exposed to less cyclical end markets, Baird added.