Oppenheimer Downgrades Emerson (EMR) to Perform

November 20, 2012 7:01 AM EST Send to a Friend
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Price: $57.92 -0.03%

Rating Summary:
    4 Buy, 18 Hold, 2 Sell

Rating Trend: Down Down

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    Up: 15 | Down: 38 | New: 13
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Oppenheimer downgraded Emerson (NYSE: EMR) from Outperform to Perform, citing a lack of high conviction catalysts to drive multiple expansion, and near-term risk associated with exposure to capital spending.

"Initial guidance outlook for msd-hsd EPS growth appears a potentially more opportunistic backdrop for expectations, but does include a combined 17c headwind from pension and overlapping stock compensation plans (partially offset by ~6c favorable from lower restructuring spend, and material restructuring benefits)," the analyst notes. "We also note FY2H12 margins were at significant record levels driven by overall execution, but also unsustainable benefits from higher than normal volume leverage at Process on recovery of sales earlier delayed by Thailand flooding."

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

Shares of Emerson closed at $48.95 yesterday.

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