Roper Technologies downgraded at TD Cowen with ‘bar high into 2024’

As previously reported, TD Cowen downgraded Roper Technologies to Market Perform from Outperform with an unchanged price target of $535. The consistency of the portfolio and the team’s ability to supplement with M&A were “both on display in 2023,” but with a 2-year stack organic growth at nearly double-digits, “moderation is likely,” the analyst tells investors. While stating that the firm isn’t expecting “anything really bad here,” the analyst doesn’t see material upside to estimates that are “slightly above” the Street view, the analyst added.