Crane NXT's (CXT) fundamentals remain healthy, with its currency business set to benefit from US banknote upgrades,

Oppenheimer said in a Wednesday note.

The US is expected to redesign the $10 note by mid-year, with production starting in 2026 and continuing into 2027, the report said. It also pointed to growth prospects in global markets.

Its other business, Crane Payment Innovations, remains stable with roughly flat growth anticipated for the year, the note said.

"While CPI has proven to be more cyclical than anticipated, management has taken steps to address this, including a push into new end-markets and the potential exit from other non-synergistic business lines," the report said.

Crane could also implement a share repurchase program due to the stock's recent weakness, the note said.

Oppenheimer kept its outperform rating while lowering its price target to $65 from $80.