Standpoint Research Downgraded Thomas & Betts (TNB) to Hold On Valuation
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Standpoint Research downgraded Thomas & Betts (NYSE: TNB) from Buy to Hold, citing valuation.
The firm notes "shares are up 50% since our August 18, 2009 recommendation and now fairly valued at a 14-month high ... 10X peak earnings of $3.51 from 2008 and 16X estimates of $2.36 for 2010...Our concerns are more with where the Market and Industrials sector is on valuation as opposed to anything fundamentally problematic with TNB in particular. In a market correction, we would reinstate TNB in the high $20s or low $30s."
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