Nomura Securities on Industrials: Q2 Preview - Cutting Estimates Across The Board
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Rating Summary:
3 Buy, 14 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 9 | Down: 9 | New: 13
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Nomura Securities on Industrials: Q2 Preview - Cutting Estimates Across The Board
Analyst, Shannon O'Callaghan, said, "Heading into 2Q earnings season, we are cutting our estimates and price targets modestly across the group (see tables for details) to reflect broadening global macro pressures on growth. Europe weakness appears to be expanding and accelerating, while US growth looks more modest and China construction weakness continues in contrast to automation markets, which look relatively better. While 2Q earnings results seem unlikely to be positive catalysts, we see valuations as attractive and if the macro environment can stabilize to restore confidence in even modest global growth, we think the sector could exit 2Q earnings season looking more buyable as expectations and estimates are reset lower. Preferred names for 2Q are HON, EMR, ROK. We are more cautious into 2Q on: MMM, IR, SPW."
Cooper Industries (NYSE: CBE) : 2Q12E EPS from $1.12 to $1.11; F12E EPS from $4.40 to $4.30; F13E EPS from $4.85 to $4.70
Danaher (NYSE: DHR) : 2Q12E EPS from $0.81 to $0.81; F12E EPS from $3.35 to $3.30; F13E EPS from $3.80 to $3.75. PT cut $1 to $64.
Dover (NYSE: DOV) : 2Q12E EPS from $1.22 to $1.11; F12E EPS from $5 to $4.70; F13E EPS from $5.60 to $5.30. PT lowered from $78 to $74.
Emerson (NYSE: EMR) : 2Q12E EPS from $1.01 to $0.97; F12E EPS from $3.40 to $3.30; F13E EPS from $4 to $3.85. PT cut from $64 to $62.
General Electric (NYSE: GE) : 2Q12E EPS from $0.38 to $0.37; F12E EPS from $1.55 to $1.54; F13E EPS from $1.75 to $1.72
Honeywell (NYSE: HON) : 2Q12E EPS from $1.13 to $1.13; F12E EPS from $4.55 to $4.50; F13E EPS from $5 to $4.95. PT lowered $1 to $72.
Ingersoll-Rand (NYSE: IR) : Maintains 2Q12E EPS at $0.90; F12E EPS at $2.90 and F13E EPS at $3.25
3M (NYSE: MMM) : 2Q12E EPS from $1.67 to $1.65; F12E EPS from $6.40 to $6.35; F13E EPS from $6.90 to $6.75. PT lowered from $90 to $88.
Rockwell Automation (NYSE: ROK) : 2Q12E EPS from $1.38 to $1.31; F12E EPS from $5.40 to $5.25; F13E EPS from $6.15 to $5.90
SPX Corp (NYSE: SPW) : 2Q12E EPS from $0.73 to $0.7; F12E EPS from $4.05 to $3.85; F13E EPS from $5.80 to $5.50. PT lowered from $81 to $77.
Tyco (NYSE: TYC) : 2Q12E EPS from $0.93 to $0.93; F12E EPS from $3.67 to $3.65; F13E EPS from $4.10 to $4.00. PT cut $1 to $56.
United Technologies (NYSE: UTX) : 2Q12E EPS from $1.44 to $1.42; F12E EPS from $5.50 to $5.35; F13E EPS from $6.75 to $6.45. PT lowered $5 to $90.
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Analyst, Shannon O'Callaghan, said, "Heading into 2Q earnings season, we are cutting our estimates and price targets modestly across the group (see tables for details) to reflect broadening global macro pressures on growth. Europe weakness appears to be expanding and accelerating, while US growth looks more modest and China construction weakness continues in contrast to automation markets, which look relatively better. While 2Q earnings results seem unlikely to be positive catalysts, we see valuations as attractive and if the macro environment can stabilize to restore confidence in even modest global growth, we think the sector could exit 2Q earnings season looking more buyable as expectations and estimates are reset lower. Preferred names for 2Q are HON, EMR, ROK. We are more cautious into 2Q on: MMM, IR, SPW."
Cooper Industries (NYSE: CBE) : 2Q12E EPS from $1.12 to $1.11; F12E EPS from $4.40 to $4.30; F13E EPS from $4.85 to $4.70
Danaher (NYSE: DHR) : 2Q12E EPS from $0.81 to $0.81; F12E EPS from $3.35 to $3.30; F13E EPS from $3.80 to $3.75. PT cut $1 to $64.
Dover (NYSE: DOV) : 2Q12E EPS from $1.22 to $1.11; F12E EPS from $5 to $4.70; F13E EPS from $5.60 to $5.30. PT lowered from $78 to $74.
Emerson (NYSE: EMR) : 2Q12E EPS from $1.01 to $0.97; F12E EPS from $3.40 to $3.30; F13E EPS from $4 to $3.85. PT cut from $64 to $62.
General Electric (NYSE: GE) : 2Q12E EPS from $0.38 to $0.37; F12E EPS from $1.55 to $1.54; F13E EPS from $1.75 to $1.72
Honeywell (NYSE: HON) : 2Q12E EPS from $1.13 to $1.13; F12E EPS from $4.55 to $4.50; F13E EPS from $5 to $4.95. PT lowered $1 to $72.
Ingersoll-Rand (NYSE: IR) : Maintains 2Q12E EPS at $0.90; F12E EPS at $2.90 and F13E EPS at $3.25
3M (NYSE: MMM) : 2Q12E EPS from $1.67 to $1.65; F12E EPS from $6.40 to $6.35; F13E EPS from $6.90 to $6.75. PT lowered from $90 to $88.
Rockwell Automation (NYSE: ROK) : 2Q12E EPS from $1.38 to $1.31; F12E EPS from $5.40 to $5.25; F13E EPS from $6.15 to $5.90
SPX Corp (NYSE: SPW) : 2Q12E EPS from $0.73 to $0.7; F12E EPS from $4.05 to $3.85; F13E EPS from $5.80 to $5.50. PT lowered from $81 to $77.
Tyco (NYSE: TYC) : 2Q12E EPS from $0.93 to $0.93; F12E EPS from $3.67 to $3.65; F13E EPS from $4.10 to $4.00. PT cut $1 to $56.
United Technologies (NYSE: UTX) : 2Q12E EPS from $1.44 to $1.42; F12E EPS from $5.50 to $5.35; F13E EPS from $6.75 to $6.45. PT lowered $5 to $90.
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