Analyst Mircea Dobre from Robert W. Baird maintained a Buy rating on John Bean Technologies (JBT – Research Report) and keeping the price target at $121.00.
Mircea Dobre’s rating is based on a comprehensive evaluation of John Bean Technologies’ strategic initiatives and the company’s market position. His bullish stance on JBT is influenced by the company’s ongoing acquisition of Marel, which, despite Marel’s current performance challenges, is anticipated to create significant cost synergies.
Despite Marel’s modest first-quarter results and the pressures on its Fish and Meat segments, Dobre sees an opportunity for JBT to enact turnaround strategies post-acquisition, aiding in future profitability. The potential for $125 million in cost savings through synergies and ongoing restructuring at Marel could lighten the load for JBT. Furthermore, both companies anticipate stronger performance in the latter half of the year, suggesting confidence in a market recovery. However, Dobre remains aware of the near-term risks associated with the back-half weighted guidance of both companies.
In another report released on May 3, Seaport Global also assigned a Buy rating to the stock with a $125.00 price target.
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John Bean Technologies (JBT) Company Description:
John Bean Technologies Corp. is a technology solutions provider, which engages in the food, beverage, and air transportation industries. It operates through the JBT FoodTech and JBT AeroTech business segments. The JBT FoodTech segment designs, manufactures, and services technologically food processing systems for the preparation of meat, seafood and poultry products, ready-to-eat meals, shelf stable packaged foods, bakery products, juice and dairy products, and fruit and vegetable products. The JBT AeroTech segment supplies customized solutions and services used for applications in the air transportation industry, including airport authorities, airlines, airfreight, ground handling companies, the military, and defense contractors. The company was founded on May 12, 1994 and is headquartered in Chicago, IL.
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