Roper Technologies: Barclays Analyst Raises Price Target, Expects Accelerated Growth

By Don Francis, Editor
April 3, 2024 6:44 AM UTC
Roper Technologies: Barclays Analyst Raises Price Target, Expects Accelerated Growth

Barclays's Julian Mitchell raised their price target on Roper Technologies (NASDAQ: ROP) by 0.7% from $596 to $600 on 2024/04/02. The analyst maintained their Strong Buy rating on the stock.

In their Q1 2024 preview of the Industrials (Conglomerates) group, Mitchell updated price targets and shared insights on the sector. Mitchell noted that while expectations were already high, there were catalysts for organic sales growth acceleration ahead for many companies in the industry. Additionally, order trends were expected to strengthen in Q2 compared to the previous quarter.

Mitchell predicted that Q1 would unfold largely as expected, with signs of bottoming out in markets that have been under pressure, such as short-cycle industrials.

Aside from Roper Technologies, Mitchell made several changes to other names in their portfolio on April 2nd. They raised the price target on Eaton Corp PLC by 20% from $250 to $300 and upgraded the stock from Strong Sell to Hold. Allegion PLC's price target saw a slight increase of 0.8% from $121 to $122, while Dover Corp's price target was raised by 10.4% from $163 to $180. Emerson Electric Co also saw a 10.5% increase in their price target, from $95 to $105. Lastly, the price target for Hubbell Inc was raised by 17.6% from $340 to $400.

According to Mitchell's ratings, 75% of top-rated analysts currently rate Roper Technologies as a Strong Buy or Buy, while 25% see it as a Hold. No analysts recommend or strongly recommend selling the stock.

Analysts' consensus forecast for Roper Technologies predicts an upcoming year's earnings per share (EPS) of $15.16. If these predictions hold true, Roper Technologies' next yearly EPS will experience a 16.8% increase year-over-year.

Examining Roper Technologies' performance, the stock price has seen a 0.1% increase since the last quarterly report on December 31, 2023. Year-over-year, the stock has witnessed a 23.9% increase. However, during this period, Roper Technologies has slightly trailed behind the S&P 500, which has shown a 26.2% increase.

Julian Mitchell, the Barclays analyst responsible for the rating update, is ranked in the top 1% out of 4,530 Wall Street analysts by WallStreetZen. With an average return of 12.4% and a 65.7% win rate, Mitchell specializes in the Healthcare and Financial Services sectors, among others.

Roper Technologies Incorporated, formerly known as Roper Industries, Inc., offers a range of solutions for various industries, including diagnostic and laboratory information management, enterprise management, transportation management, and financial and compliance management. The company provides cloud-based financial analytics and performance management software, software for the property and casualty insurance industry, as well as technologies for foodservice operations. Established in 1981 and headquartered in Sarasota, FL, Roper Technologies continues to innovate in multiple sectors.

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