Nomura Securities Maintains a 'Buy' on Danaher (DHR); Adjusting Estimates on Q2 Review

July 20, 2012 9:50 AM EDT Send to a Friend
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Price: $75.57 --0%

Rating Summary:
    16 Buy, 1 Hold, 1 Sell

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    Up: 9 | Down: 20 | New: 18
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Nomura Securities maintains a 'Buy' on Danaher (NYSE: DHR) price target of $64.00 (from $63.00).

Analyst, Shannon O'Callaghan, said, "2012 EPS guidance lowered to $3.19-$3.26 (vs. prior $3.25-$3.35) driven by FX and restructuring plus lower organic growth. Organic growth now guided to lower end of original 2-5% range with lack of recovery in T&M/Motion/China the driver. Free cash flow was very strong at $1.31/share in 2Q ($2.05 for 1H12), acquisition firepower is $5B over next two years, and management sounds active on the M&A front. Ramped restructuring in 2012 expected to deliver $0.08 of savings in 2013. 2013 could see a combination of restructuring savings, acquisition accretion, and an easy organic comp. We take 2012E/13E EPS estimates down to $3.25/$3.70."

For an analyst ratings summary and ratings history on Danaher click here. For more ratings news on Danaher click here.

Shares of Danaher closed at $51.12 yesterday.


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