Citigroup Analyst Raises Vontier Price Target by 8.1%, Maintains Strong Buy Rating

Citigroup's Andy Kaplowitz raised their price target on Vontier (NYSE: VNT) by 8.1% from $37 to $40 on 2023/12/11. The analyst maintained their Strong Buy rating on the stock.

Kaplowitz reported that a deep dive into their Industrial Goods (Multi-Industry and Engineering and Construction) sector coverage area catalyzed their price target hike.

Citigroup believes U.S. Industrials are well-positioned for FY 2024 thanks to an optimistic fiscal policy and secular trends, even though macro indications are mixed and higher interest rates could mean future headwinds, the analyst told investors.

Kaplowitz explained, "Fiscal policy is supportive of growth potential for industrials, says Citi, which favors exposure to drivers such as bottoming short-cycle end markets, quality with good visibility, and self-help."

"Channel de-stocking" in some end markets with shorter cycles should be mostly resolved over the next several quarters, supporting revenue growth that is in line with demand in those markets, the analyst added.

Citigroup launched a "90-day positive Catalyst Watch" on 3M and announced that their top pick in Industrial Goods is Quanta Services, Kaplowitz reported.

On 2023/12/11, the analyst also made the following changes to other names in their portfolio: • Citigroup's Andy Kaplowitz raised their price target on Xylem Inc by 4.8%, from $104 to $109, and maintained their Hold rating. • Citigroup's Andy Kaplowitz raised their price target on Johnson Controls International PLC by 5.2%, from $58 to $61, and maintained their Hold rating. • Citigroup's Andy Kaplowitz raised their price target on Illinois Tool Works Inc by 4.9%, from $244 to $256, and maintained their Hold rating. • Citigroup's Andy Kaplowitz raised their price target on Smith A O Corp by 7.9%, from $76 to $82, and maintained their Hold rating. • Citigroup's Andy Kaplowitz raised their price target on Vertiv Holdings Co by 18.4%, from $49 to $58, and maintained their Strong Buy rating.

100% of top-rated analysts currently rate VNT as a Strong Buy or Buy, no analysts see it as a Hold, and no analysts either recommend or strongly recommend selling the stock.

Since VNT's last quarterly report on 2023/09/29, the stock price is up 11.5%. Year-over-year, the stock is up 80.2%. During that period, VNT is outpacing the S&P 500, which is up 15.8%.

Citigroup analyst Andy Kaplowitz is ranked by WallStreetZen in the top 1% out of 4,426 Wall Street analysts, with an average return of 21.5% and a 64.1% win rate. They specialize in the Utilities and Consumer Cyclical sectors, among others.

Vontier Corporation engages in the research and development, manufacture, sale, and distribution of critical technical equipment, components, software, and services for manufacturing, repair and servicing in the mobility infrastructure industry worldwide. The company offers environmental sensors, fueling equipment, field payment hardware, remote management and workflow software, and vehicle tracking and fleet management software solutions for traffic light control and vehicle mechanics' and technicians' equipment. Its mobility technologies products include solutions and services in the areas of fuel dispensing, remote fuel management, point-of-sale and payment systems, environmental compliance, vehicle tracking and fleet management, and traffic management; and diagnostics and repair technologies products comprise vehicle repair tools, toolboxes, automotive diagnostic equipment, and software, as well as wheel-service equipment for automotive tire installation and repair shops, including brake lathes, tire changers, wheel balancers, and wheel weights under the AMMCO and COATS brands. The company markets its products and services to retail and commercial fueling operators, commercial vehicle repair businesses, municipal governments, and public safety entities and fleet owners/operators through a network of franchised mobile distributors, as well as direct sales personnel and independent distributors. Vontier Corporation was incorporated in 2019 and is headquartered in Raleigh, North Carolina. Vontier Corporation(NYSE:VNT) operates independently of Fortive Corporation as of October 9, 2020.

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