Nomura Securities on Industrials: Q1 Preview - Dover (DOV) Still A Top Idea
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Rating Summary:
3 Buy, 14 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
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Nomura Securities on Industrials: Q1 Preview by Shannon O’Callaghan
Key themes: 1) DOV is our top idea into earnings: we think the market is mispricing Dover’s Energy assets. 2) We expect discrete trends to strengthen exiting 1Q, which should benefit the discrete automation parts of ROK and EMR and short-cycle industrial parts of HON, DHR, and others though more in the June quarter than the March quarter. 3) Process markets continue to be robust. 4) March Q could still be tough for EMR but we like the stock. The potential for a cut to annual guidance ($3.45-$3.60) is likely already priced in.
Cooper (NYSE: CBE) (Neutral): 1Q12E EPS $1.01 vs. Street $1.00; Danaher (NYSE: DHR) (Buy): 1Q12E EPS $0.70 vs. Street $0.70; Dover (NYSE: DOV) (Buy): 1Q12E EPS $1.03 vs. Street $1.03; Emerson (NYSE: EMR) (Buy): 1Q12E EPS $0.77 vs. Street $0.81, GE (NYSE: GE) (Buy): 1Q12E EPS $0.33 vs. Street $0.33; Honeywell (NYSE: HON) (Buy): 1Q12E EPS $0.98 vs. Street $0.99; Ingersoll Rand (NYSE: IR) (Neutral): 1Q12E EPS $0.26 vs. Street $0.25; 3 M Corp (NYSE: MMM) (Reduce): 1Q12E EPS $1.46 vs. Street $1.48; Rockwell Automation (NYSE: ROK) (Buy): 1Q12E EPS $1.28 vs. Street $1.27; SPX Corp (NYSE: SPW) (Neutral): 1Q12E EPS $0.25 vs. Street $0.25; Tyco (NYSE: TYC) (Neutral): 1Q12E EPS $0.79 vs. Street $0.79; and United Technologies (NYSE: UTX) (Buy): 1Q12E EPS $1.21 vs. Street $1.20
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Key themes: 1) DOV is our top idea into earnings: we think the market is mispricing Dover’s Energy assets. 2) We expect discrete trends to strengthen exiting 1Q, which should benefit the discrete automation parts of ROK and EMR and short-cycle industrial parts of HON, DHR, and others though more in the June quarter than the March quarter. 3) Process markets continue to be robust. 4) March Q could still be tough for EMR but we like the stock. The potential for a cut to annual guidance ($3.45-$3.60) is likely already priced in.
Cooper (NYSE: CBE) (Neutral): 1Q12E EPS $1.01 vs. Street $1.00; Danaher (NYSE: DHR) (Buy): 1Q12E EPS $0.70 vs. Street $0.70; Dover (NYSE: DOV) (Buy): 1Q12E EPS $1.03 vs. Street $1.03; Emerson (NYSE: EMR) (Buy): 1Q12E EPS $0.77 vs. Street $0.81, GE (NYSE: GE) (Buy): 1Q12E EPS $0.33 vs. Street $0.33; Honeywell (NYSE: HON) (Buy): 1Q12E EPS $0.98 vs. Street $0.99; Ingersoll Rand (NYSE: IR) (Neutral): 1Q12E EPS $0.26 vs. Street $0.25; 3 M Corp (NYSE: MMM) (Reduce): 1Q12E EPS $1.46 vs. Street $1.48; Rockwell Automation (NYSE: ROK) (Buy): 1Q12E EPS $1.28 vs. Street $1.27; SPX Corp (NYSE: SPW) (Neutral): 1Q12E EPS $0.25 vs. Street $0.25; Tyco (NYSE: TYC) (Neutral): 1Q12E EPS $0.79 vs. Street $0.79; and United Technologies (NYSE: UTX) (Buy): 1Q12E EPS $1.21 vs. Street $1.20
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