IEX - Idex upped at Oppenheimer as underlying industrial demand remains 'solid'

Idex ( NYSE: IEX ) trades at roughly breakeven Thursday in a session of broad market losses, as Oppenheimer upgraded shares to Outperform from Perform with a $215 price target, viewing it as a top name with Graco ( GGG ) among industrial machinery and flow control companies.

Oppenheimer's Bryan Blair appreciates the "uncertain macro landscape and clear recession angst," but he also believes underlying industrial demand remains solid, and he likes the "prospect of relative sector strength through a moderate downturn."

The analyst touts Idex's ( IEX ) diverse portfolio of market-leading businesses and is encouraged by management's more aggressive capital deployment.

Idex ( IEX ) shares are down 23% YTD, and "valuation multiples have fallen to reasonably supportive levels given the company's compelling franchise quality and compounder prospects," Blair says.

Idex ( IEX ) is "a Dividend Contender with 13 consecutive years of dividend growth... but I'm still not buying," Passive Income Pursuit writes in an analysis published on Seeking Alpha .

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