Ametek down after TD Cowen downgrades to 'sell'

Ametek

07/10/2024 15:26

** Industrial technology solutions provider Ametek's  AME.N 
shares down ~2.2% to $166.36
    ** TD Cowen downgrades shares to "sell" from "hold"   
    ** Brokerage expects AME's electronic instruments (EIG)
revenue to further decline
    ** Ametek in August had cut its annual profit forecast, as
high borrowing costs and sticky inflation forced its customers
to delay project expenses
    ** 11 of 17 brokerages rate the stock "buy" or higher, 5
"hold" and 1 "sell"; their median PT is $186
    ** Including session moves, stock up about 0.64% YTD

 (Reporting by Prakhar Srivastava in Bengaluru)
 ((Prakhar.srivastava2@thomsonreuters.com))