Stifel starts Veralto with a Buy rating, $82 price target

As previously reported, Stifel initiated coverage of Veralto with a Buy rating and $82 price target. The addition of Veralto complements the firm’s Water Technologies vertical, giving it more exposure to Environmental, Social and Governance and Socially Responsible Investment investors, which it calls “one of the few growth areas in actively managed funds.” Veralto has exposure to markets with strong secular demand trends and its portfolio of businesses is competitively differentiated with strong brands, high cost of failure, deep customer relationships, high recurring revenue, and significant barriers to entry, the analyst tells investors.