Barclays on U.S. Multi-Industry: Cutting Estimates: FX and Macro Headwinds

June 18, 2012 3:41 PM EDT Send to a Friend
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Price: $75.57 -0.89%

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Barclays on U.S. Multi-Industry: Cutting Estimates: FX and Macro Headwinds

Analyst, Scott R. Davis, said, "We are lowering earnings estimates for 2012 and 2013 by ~2-3% on average; highly dependent per company on international exposures. Recent movement in the Euro/$ and general macro slowdown are the biggest drivers. We now expect most companies to miss top-line estimates until guidance/forecasts are reset in July. Our earnings cuts are less than some might expect because of margin tailwinds - which are rather significant. Material costs are falling, discretionary expenses falling, and mix should remain positive at least through end of 2012."

For Overweight-rated Danaher Corp. (NYSE: DHR), price target lowered from $58 to $57, FY12 EPS estimate cut from $3.30 to $3.25 and FY13 from $3.75 to $3.65.

For Equalweight-rated Dover Corp. (NYSE: DOV), PT lowered from $68 to $67, FY12 EPS estimate cut from $4.90 to $4.80 and FY13 from $5.45 to $5.35.

For EW-rated Emerson (NYSE: EMR), price target lowered from $54 to $53, FY12 EPS estimate cut from $3.40 to $3.35 and FY13 from $3.85 to $3.80

For Underweight-rated Fastenal Company (Nasdaq: FAST), price target cut from $39 to $38, FY12 EPS estimate from $1.45 to $1.40 and FY13 from $1.70 to $1.65.

For OW-rated Hubbell, Inc. (NYSE: HUB-B), PT lowered from $90 to $89, FY12 EPS estimate from $5.00 to $4.95 and FY13 from $5.60 to $5.55.

For EW-rated ITT Corporation (NYSE: ITT), PT lowered from $25 to $24 and FY12 EPS estimate from $1.70 to $1.65 and FY13 from $1.85 to $1.80.

For OW-rated MSC Industrial Direct (NYSE: MSM), PT lowered from $89 to $86, FY13 EPS estimate lowered from $4.80 to $4.65.

For OW-rated Rockwell Automation (NYSE: ROK), PT lowered from $97 to $95, FY12 EPS estimate lowered from $5.30 to $5.25 and FY13 from $6.05 to $5.95.

For OW-rated Roper Industries (NYSE: ROP), PT lowered from $107 to $106, FY12 EPS estimate from $4.80 to $4.75 and FY13 from $5.35 to $5.30.

For OW-rated SPX Corp. (NYSE: SPW), PT lowered from $88 to $86, FY12 EPS estimate cut from $4.45 to $4.25 and FY13 from $5.85 to $5.75.

For OW-rated WESCO International (NYSE: WCC), PT cut from $71 to $70 and FY12 EPS estimate lowered from $4.80 to $4.75 and FY13 from $5.45 to $5.40.

For EW-rated 3M (NYSE: MMM), FY12 EPS estimate cut from $6.40 to $6.30 and FY13 from $7.00 to $6.80.

For OW-rated Honeywell (NYSE: HON), FY12 EPS estimate cut from $4.45 to $4.40 and FY13 from $4.95 to $4.90.

For EW-rated Sensata Technologies (NYSE: ST), FY12 EPS estimate cut from $2.15 to $2.10 and FY13 from $2.65 to $2.55.

For OW-rated Tyco International (NYSE: TYC), FY12 EPS estimate cut from $3.65 to $3.63 and FY13 from $4.10 to $4.05.


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Related Categories

Analyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change

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Barclays, Earnings

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