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Belden shares target raised on strong earnings

EditorNatashya Angelica
Published 05/17/2024, 11:02 AM

On Friday, Loop Capital adjusted its outlook on Belden Inc . (NYSE:BDC), a global leader in signal transmission solutions, by increasing the stock's price target to $115 from the previous $100, while reaffirming a Buy rating on the company's shares. The firm's decision follows Belden's report of a significant earnings beat for the first quarter of the calendar year, surpassing consensus estimates by 17%.

The analyst from Loop Capital highlighted Belden's ability to navigate through market challenges, crediting share gains for mitigating the impact of destocking headwinds and contributing to higher-than-anticipated sales figures.

The report also suggested that Belden's upcoming acquisition of Precision Optical could potentially add an estimated $0.25 to $0.30 to the company's full-year earnings per share (EPS).

The firm's analysis points to Belden's solid organic growth and strategic capital deployment as key factors that may enable the company to approach its calendar year 2025 EPS target of $8.00. The upward revision of Belden's price target reflects confidence in the company's growth trajectory and its ability to achieve long-term financial objectives.

Belden's recent performance, bolstered by strategic moves such as the Precision Optical acquisition, has garnered positive attention from market analysts. The company's focus on organic growth and capital investments are seen as instrumental in driving its progress toward established financial goals.

Loop Capital's updated stock price target signifies a bullish stance on Belden's stock, backed by the firm's evaluation of the company's earnings potential and market position.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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