BofA upgrades Vontier to Buy, sees ‘more room to run’

As previously reported, BofA analyst Andrew Obin upgraded Vontier to Buy from Neutral with a price target of $40, up from $37. Shares rose 79% in 2023 and the firm sees “more room to run” in 2024 as it forecasts all-in organic revenue growth and margin expansion as U.S. fuel dispenser headwinds fade, the analyst tells investors. The firm thinks investors’ perception of Vontier is anchored on U.S. fuel dispensers, but notes these are just about 10% of revenue and says its growth markets are now three times the size.