RBC Capital analyst, Matthew McConnell, weighed in on IDEX Corporation (NYSE:IEX) after visiting two IDEX facilities around the Denver area.

The analyst met with key operating leaders of the company and came away from the meetings impressed with IDEX’s target segmentation. The analyst believes that IDEX is effective at targeting┬ámarket niches where its “advanced optical capabilities and differentiated ability to scale production of highly-engineered components result in premium profitability.”

In addition, the analyst affirms that Band-It continues to be an “underappreciated gem” within IDEX’s capabilities that has seen continuous growth in revenues. The analyst explains, “After meeting with senior leaders and touring its facility in Denver, CO, we have a greater appreciation for how Band-It utilizes market segmentation as it exclusively focuses on technically challenging banding applications that have a high cost of failure and demand a repeatable and reliable solution.”

McConnell reiterates his Outperform rating for the stock with a price target of $94.00.

The consensus price target for IEX is $85.00, marking a 0.50% upside from current levels.