UPDATE: Brean Murray Carret Lowers PT on IDEX from $56 to $45

Brean Murray Carret maintained a Buy rating on IDEX Corp. (NYSE: IEX) and lowered its price target from $56 to $45.

Brean Murray Carret remarked, “Taking yesterday's 2Q12 release as a whole, business really isn't too bad at IDEX Corp. Revenues of $494 million came in just shy of our $498 million estimate and consensus of $503 million. Adjusted EPS of $0.67 was below our and consensus estimates of $0.71, with FOREX and acquisition charges having a negative $0.03 impact. Looking forward, the company lowered its full year guidance range a bit, to $2.65 ‐ $2.70, from the previous $2.80 ‐ $2.85. Disappointing, certainly, but given the turmoil in Europe, not bad from our perspective.”

IDEX Corp. closed at $36.79 on Monday.