Risk Reward Update

研报英文原文证据摘录

Risk Reward Update

UpdateM

RiskRisk RewardReward– Ametek- AmetekInc. (AME.N) Inc. (AME.N)

Well Positioned & Always Executing But Tough Organic Bar

PRICE TARGET $245.00 EQUAL-WEIGHT THESIS

Our price target of $245 is based on ~28x our NTM EPS of $8.92. The multiple assumes AME AME remains well positioned within US

trades at a ~30% premium to S&P500, in-line with current valuation levels. Industrials given its consistent execution,

leadership in margin profile, and proven

$262.50 M&A engine, which should help it navigate a

Consensus Price Target Distribution $218.45 $303.00 more challenging price/cost backdrop into

MS PT 2026. Its exposure to highly engineered

Source: Refinitiv, Morgan Stanley Research Mean Morgan Stanley Estimates niche markets with limited competition

supports durable pricing power and margin

resilience. AME is also well suited for a

RISK REWARD CHART tariff-driven environment, with strong

price/cost management and differentiated

products that help offset input pressures.

USD While organic growth has historically been

more modest, AME’s M&A engine continues

$290.00$290.00(+24.47%)$290.00(+24.47%)(+24.47%) to drive outsized EBITDA and EPS growth,

320 supporting its premium multiple and long-

term compounding profile.

240 $232.99$232.99$232.99 $245.00$245.00(+5.15%)$245.00(+5.15%)(+5.15%)

Consensus Rating Distribution

160 71% Overweight

$155.00$155.00(-33.47%)$155.00(-33.47%)(-33.47%) 29% Equal-weight

0% Underweight

80 MS Rating

Source: Refinitiv, Morgan Stanley Research

JUL '25 JAN '26 JUL '26 JUL '27

Risk Reward Themes

Key: Historical Stock Performance Current Stock Price Price Target

Pricing Power: Positive

View descriptions of Risk Rewards Themes here

BULL CASE $290.00 BASE CASE $245.00 BEAR CASE $155.00