Nomura Securities on U.S. Industrials: Shifting targets to 2013; Picks Unchanged

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Nomura Securities on U.S. Industrials: Shifting targets to 2013; Picks Unchanged

Shannon O’Callaghan, said, "While we think 2012 results will still clearly be the key driver of our sector, we expect the focus to increasingly shift to how these results manifest themselves in 2013 estimates. We are shifting our PTs to be based on 2013 EPS estimates.

Coopers (NYSE: CBE) (Neutral): 2013E EPS $4.80; PT from $65 to $67

Danaher (NYSE: DHR) (Buy): 2013E EPS $3.80; PT from $59 to $65

Dover (NYSE: DOV) (Buy): 2013E EPS $5.60; PT from $73 to $78

Emerson (NYSE: EMR) (Neutral): 2013E EPS $3.95; PT $55

General Electric (NYSE: GE) (Buy): 2013E EPS $1.75; PT from $21 to $22

Honeywell (NYSE: HON) (Buy): 2013E EPS $4.95; PT from $65 to $72

Ingersoll Rand (NYSE: IR) (Neutral): 2013E EPS $3.25; PT from $38 to $42

3M (NYSE: MMM) (Reduce): 2013E EPS $6.75; PT from $84 to $88

Rockwell Automation (NYSE: ROK) (Buy): 2013E EPS $6.15; PT from $93 to $98

SPX Corp (NYSE: SPW) (Neutral): 2013E EPS $5.80; PT $81

Tyco (NYSE: TYC) (Neutral): 2013E EPS $4.05; PT from $51 to $57

United Technologies (NYSE: UTX) (Buy): 2013E EPS $6.75; PT from $88 to $95

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