S&P Equity Research Downgrades CLARCOR (CLC) to Hold
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S&P Equity Research downgrades CLARCOR (NYSE: CLC) from Buy to Hold.
S&P analyst, S. Scharf, says, "Feb-Q EPS of $0.35 before $0.03 charge vs. $0.32 is $0.03 below our estimate. Organic sales rose 7%, driven by non-U.S. heavy-duty engine filters, and global demand for air systems and oil & gas filters. Total sales rose 19% including Peco acquisition and 3% positive forex impact. We see wider margins in FY 08 (Nov.) on improved cost structure and accretion from Peco. But with slowing U.S. economy, we are trimming our FY 08 EPS estimate by $0.05 to $1.90. With the shares trading at a forward P/E above peers and S&P SmallCap 600, we blend metrics and keep our target price at $43."
CLARCOR Inc. (CLARCOR), along with its subsidiaries, conducts business in three principal industry segments: Engine/Mobile Filtration, Industrial/Environmental Filtration and Packaging.
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