Mizuho upgrades IDEX stock rating on portfolio shift, raises PT to $280

Mizuho upgraded IDEX Corp's stock rating to "Outperform" from "Neutral" on Wednesday, raising its price target to $280 from $210. The company's stock is currently trading at $237.31, marking a 35% increase year-to-date and approaching its 52-week high of $243.80. Mizuho's decision to upgrade the stock reflects the company's portfolio repositioning towards higher-growth, less-cyclical markets, which is driving stronger organic growth, better revenue visibility, and attractive incremental margins.

IDEX's organic total orders surged 28% in the second quarter of 2026, with an impressive 47% increase within Health & Science Technologies. This trend is expected to continue through the second half of 2026 and into 2027. The firm also raised its adjusted earnings per share estimates for 2026 and 2027, predicting $8.84 and $9.91 respectively, which is in line with the upward revisions by 8 analysts.

IDEX reported strong second-quarter earnings that surpassed analysts' expectations, delivering $2.32 per share on $921 million in revenue. Following this successful quarter, the company raised its full-year outlook, driven by robust orders across its business segments. Stifel also raised its price target for IDEX to $268 from $257, maintaining a Buy rating.