Analyst Note| Joshua Aguilar |
Nothing in narrow-moat-rated Ametek’s latest results causes us to alter our long-term view of the stock, and our near-term assumptions remain relatively unchanged. We expect fourth-quarter GAAP diluted EPS to come in toward the top end of the range at $0.90 per share (or $1.04 per share on an adjusted basis). This brings our full-year expectations to $3.72 on a GAAP basis and $3.91 on an adjusted basis. We are, however, going to raise our fair value estimate by 2% to $98 per share (from $96 previously), due entirely to time value of money and in line with the stock price.