Roper Technologies initiated with a Buy at Truist

Truist initiated coverage of Roper Technologies with a Buy rating and $510 price target. The company has an investment grade credit rating and is emerging from a five year business transformation into one of the largest application software companies with leadership in many niche vertical markets, the analyst tells investors in a research note. The firm expects mid-single-digit organic and mid-to-high-single-digit total sales growth over a multi-year period, coupled with 40%-plus EBITDA margins and "attractive compounding" free cash flow that could fuel steady pace of growth and accretive acquisitions.