Vontier Targets Mid-Single-Digit Organic Revenue Growth Through 2026

We are maintaining our $37 fair value estimate after reviewing narrow-moat-rated Vontier’s 2023 investor day materials. While our long-term view of the company remains unchanged, we think the presentation did a good job highlighting how Vontier has positioned its portfolio to capture opportunities due to the energy transition, including solutions for electric vehicle charging network operators at Driivz, low-carbon fueling infrastructure at ANGI, and telematics solutions at Teletrac Navman.