Veralto assumed with Buy from Hold at Jefferies

Jefferies upgraded Veralto (VLTO) to Buy from Hold with a price target of $110, up from $105, after assuming coverage of the name. Veralto is a “high-quality” company that provides water and product quality analytics, the analyst tells investors in a research note. The firm says the company’s gross margins are among the highest in industrials due to its “stable” recurring revenue. Jefferies says the shares are down 8% versus the S&P 500 Index year-to-date and trade at 21% discount to its historical average, providing an attractive entry point.