RBC Capital downgraded Roper Technologies (ROP) to Sector Perform from Outperform with a price target of $539, down from $644. The firm sees limited relative upside in the shares given investor preference for “risk-on” trades. In addition, artificial intelligence presents a threat to Roper’s diversified application software model, the analyst tells investors in a research note. RBC believes Roper is still a “high-quality compounder” with strong recurring revenue. However, it feels current investor sentiment favors higher-beta and more cyclical names at this time.
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