Oppenheimer Reiterates Outperform On Shares Of Ametek, $59 PT

In a research report issued Wednesday, Oppenheimer analyst Christopher Glynn reiterated an Outperform rating on Ametek Inc (NYSE:AME) with a price target of $59.

Glynn noted, “Adjusted OM (excluding a $0.05 Zygo integration charge) declined 50 bps y-o-y, but expanded 40 bps excluding acquisition run rates against very strong year-ago OM. AME anticipates expeditious payback on the Zygo integration charge amidst an overall tailwind from integrations of various deals (est. 9% revenue growth contribution in 2014). Orders were up 3% organically during 3Q, with solid exit rates, and both segments are expected to show sequential margin upticks in 4Q. Stub periods for recent acquisitions should deliver $100M/2.5% revenue contribution in 2015, and negotiations remain active. Overall, we estimate 30 bps 2014 OM expansion, inclusive of 9% acquired growth (est. 3Q organic).”

According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Christopher Glynn has a total average return of 14.5% and a 81.6% success rate. Glynn has a 7.8% average return when recommending AME, and is ranked #188 out of 3350 analysts.

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