Standex price target raised to range of $170-$180 from $150-$155 at Barrington

Barrington raised the firm’s price target on Standex to a range of $170-$180 from $150-$155, while keeping an Outperform rating on the shares. The firm cites a better-than-expected Q4/23 and continued solid outlook. Barrington also notes that Standex reaffirmed its long-term financial outlook by the end of FY/28 that includes high-single-digit organic growth to greater than $1B in sales, adjusted operating margin greater than 19%, return on invested capital of greater than 15%, and free cash flow conversion at approximately 100% of GAAP net income.