Nomura Securities Maintains a 'Buy' on Emerson (EMR); Some Moderation, But Too Much Investor Skepticism

June 27, 2012 8:43 AM EDT
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Price: $57.12 --0%

Rating Summary:
    3 Buy, 20 Hold, 6 Sell

Rating Trend: = Flat

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Nomura Securities maintains a 'Buy' on Emerson (NYSE: EMR) price target of $64.00.

Analyst, Shannon O'Callaghan, said, "Emerson’s three-month rolling orders moderated to 3% organically in May vs the 5% in April and 4% in March. Process orders remain strong (we think may still be 20%+ organically); Network Power orders were down 10-15%. Industrial Automation has seen a negative impact from Europe as we expected. The climate is looking for modest organic growth in 2H. All in, the company indicates that May sales are tracking to the lower end of the 7%-9% range it gave at EPG, but significantly, we don’t think things like Europe weakness in Industrial Automation or further weakness in embedded power are that surprising, and on the other hand Process is very strong, helping Emerson maintain its EPS guidance range for the year amid heavy investor skepticism."

For an analyst ratings summary and ratings history on Emerson click here. For more ratings news on Emerson click here.

Shares of Emerson closed at $44.09 yesterday.

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