S&P Equity Research Reiterates 'Buy' Rating on W.W. Grainger (GWW).
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S&P Equity Research reiterates a 'Buy' rating on W.W. Grainger (NYSE: GWW).
S&P analyst, S. Scharf, says, "GWW posts Q1 EPS of $1.43 vs. $1.17, $0.03 above our estimate, as share buybacks added $0.06. Sales rose 7%, driven by growth in Mexico and Canada, and higher market share in the expanding branch-based business in North America. We see more growth in light manufacturing, while sales to retail and heavy manufacturing customers continue to slow. Margins should widen on better mix and supply chain costs savings. Given aggressive share buybacks, we are lifting our '08 EPS estimate by $0.15 to $5.90. Based on relative and DCF metrics, we are keeping our 12-month target price at $95."
W.W. Grainger, Inc. (Grainger) is in the service business. It distributes products used by businesses and institutions primarily across North America to keep their facilities and equipment running.[SM]
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