Order Weakness Key Discussion Point During JBT’s Q3 Call; We Maintain Fair Value

Despite the heavy selloff of JBT’s stock following its third-quarter earnings report, we see no reason to change our $121 fair value estimate. While management slightly reduced its slightly organic sales volume guide, mostly on the foodtech side because of slowing demand in shorter-cycle products, the contribution of the Bevcorp acquisition provided a full offset to both its currency and organic revenue headwinds. We did slightly lower our full-year revenue projection by $20 million, but the impact was minimal to valuation.