KeyBanc Reiterates a 'Buy' Rating on Actuant (ATU); Raises PT & Estimates

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KeyBanc reiterates a 'Buy' rating on Actuant Corporation (NYSE: ATU), raises price target from $18 to $20.

KeyBanc analyst says, "While the Company offered a conservative first look at FY10, we believe further examination continues to support our positive thesis. Namely, based on solid margin execution and incremental restructuring savings, we believe ATU is poised to demonstrate margin expansion in three of the four segments (i.e., outside of Energy) in FY10. With respect to the demand landscape, signs of stabilization (Industrial) and sequential improvement (Electrical, portions of Engineered Solutions) across most of the business provide support for the Company's revenue outlook. While Energy remains a wild card into FY10, we believe management has allowed for adequate cushion, particularly given the underlying health of the core maintenance business. More importantly, we believe that following a FY09 marked by a number of earnings misses and guidance reductions, ATU has positioned itself to meet and exceed expectations...Increasing our FY10E to $0.85 (from $0.83), including a fiscal 1Q10E of $0.16...FY10 EPS guidance initiated at $0.70-$0.95, including a fiscal 1Q10 of $0.12-$0.17."

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Actuant Corporation manufactures industrial products and systems worldwide.