Berenberg Starts Emerson (EMR) at Sell
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Berenberg initiates coverage on Emerson (NYSE: EMR) with a Sell rating and a price target of $41.00.
Analyst Simon Toennessen commented, "Following significant portfolio changes in recent months, we expect material downgrades to consensus (~20% for FY 2017 EPS) as the street moves to pro-forma numbers. In addition, a combination of: a) further cyclical pressure particularly from the oil and gas sector; b) lack of future transformative M&A; c) a more lacklustre dividend outlook; and d) FY 2017 valuation levels that sit more than 50% above the historical average (on pro-forma numbers) does not make us optimistic about Emerson shares."
Shares of Emerson closed at $54.51 yesterday.
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