Veralto price target raised to $119 from $117 at BMO Capital

BMO Capital analyst John McNulty raised the firm’s price target on Veralto to $119 from $117 and keeps an Outperform rating on the shares as part of a broader research note on U.S. Chemicals. The firm’s channel checks point to a handful of end-markets and commodities that enjoyed relative strength, while at the same time there were pockets of incremental weakness, particularly in Europe and China, the analyst tells investors in a research note. For the company, BMO notes that business is recovering in the Product Quality and Innovation segment, with CPG firms returning to normalized levels of production after a couple of unstable years post COVID, while in Water, Veralto continues to see solid progress in water treatment in North America as Chemtreat continues to make progress due to the investments made in the first half of the year.