Davenport Downgrades EnPro Industries (NPO) to Buy
NPO Hot Sheet
Rating Summary:6 Buy, 0 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 16 | Down: 7 | New: 23
Davenport downgrades EnPro Industries (NYSE: NPO) from Strong Buy to Buy. Price target lowered from $35 to $30.
Davenport analyst says, " EnPro is not immune to the current economic downturn but the company’s end market and geographic diversification help to minimize the impact. Additionally, EnPro’s valuation continues looks very attractive, even on our lowered estimates. The company is trading at 5.0x our FY2009 EBITDAA estimate (including the net asbestos liability in EV) compared to a 5-year average of 7.1x. We continue to believe EnPro is misunderstood by many investors given its asbestos exposure and that the company is better positioned than many of its industrial peers to weather the downturn. However, we are lowering our target price from $35 to $30, representing 6.0x our FY2009 EBITDAA estimate, to better reflect current market conditions. We are also reducing our rating to Buy as the upside from current levels is not enough to keep our Strong Buy rating."
Enpro Industries, Inc. designs, develops, manufactures and markets engineered industrial products.
Davenport analyst says, " EnPro is not immune to the current economic downturn but the company’s end market and geographic diversification help to minimize the impact. Additionally, EnPro’s valuation continues looks very attractive, even on our lowered estimates. The company is trading at 5.0x our FY2009 EBITDAA estimate (including the net asbestos liability in EV) compared to a 5-year average of 7.1x. We continue to believe EnPro is misunderstood by many investors given its asbestos exposure and that the company is better positioned than many of its industrial peers to weather the downturn. However, we are lowering our target price from $35 to $30, representing 6.0x our FY2009 EBITDAA estimate, to better reflect current market conditions. We are also reducing our rating to Buy as the upside from current levels is not enough to keep our Strong Buy rating."
Enpro Industries, Inc. designs, develops, manufactures and markets engineered industrial products.
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