Financials Market: Jefferies Initiates Buy on Crane NXT, Sees 31% Upside

Jefferies initiated coverage of Crane NXT, a security technology company, with a buy rating and a $60 price target, implying a 31% upside from the previous close. Analyst Stephen Volkmann highlighted Crane NXT's combination of a 150-year legacy in currency banknote printing, proprietary authentication technology, advanced manufacturing, and growing exposure to higher-growth industrial and security markets. Over the past three years, Crane NXT has expanded its total addressable market to roughly $13 billion from about $7 billion through acquisitions, boosting exposure to faster-growing end-markets such as food & beverage and pharma. The firm's analysts are largely bullish, with six out of seven rating it buy or strong buy. Shares were up over 1% in premarket trading following the call.