Nomura Securities Reiterates a 'Buy' on Emerson (EMR); Management Change Unrelated to Performance

June 15, 2012 8:59 AM EDT
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Price: $58.83 +0.68%

Rating Summary:
    3 Buy, 20 Hold, 6 Sell

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    Up: 30 | Down: 30 | New: 23
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Nomura Securities reiterates a 'Buy' on Emerson (NYSE: EMR) price target of $64.00.

Analyst, Shannon O'Callaghan, said, "We think the announcement on 6/13 of a change in leadership for the Industrial Automation segment may have raised investor concerns. While we remain relatively cautious around the Industrial Automation segment in 2H, we think the management change was unrelated to trends or performance in the business. We continue to view Emerson as attractively valued. Our F12E EPS of $3.40 is at the lower end of $3.35-$3.50 guidance and the Street at $3.39, given the IA’s exposure to Europe. Valuation at a 6% discount to our sector on C12E EPS makes a low EPS hurdle."

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 $46.49 yesterday.

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