Roper Technologies initiated with a Buy at Jefferies

Jefferies initiated coverage of Roper Technologies with a Buy rating and $530 price target. Roper is a diversified portfolio of 27 businesses serving niche end markets in noncyclical industries, the analyst tells investors in a research note. The firm says the majority of the company’s assets are software-based and mission critical to end users, “providing cushion against a softening macro” environment. It believes a private market valuation reset would be a positive catalyst to Roper’s “capital allocation-driven story” looking to deploy $3B-$4B in fiscal 2023.