UPDATE: Credit Suisse Downgrades Emerson (EMR) to Neutral
Get Alerts EMR Hot Sheet
Rating Summary:
24 Buy, 15 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 12 | New: 9
Join SI Premium – FREE
Credit Suisse downgraded Emerson (NYSE: EMR) from Outperform to Neutral with a price target of $57 (unchanged). The change follows news it will acquire Pentair’s Valves & Controls business for $3.15 billion. Analyst Julian Mitchell said he sees few catalysts.
"Our TP remains $57, and our EPS estimates (on the current EMR basis) are unchanged; we show inside our pro forma forecasts including PNR V&C. While we think the deal has solid strategic logic, EMR has now unveiled many of the strategic moves which we anticipated in our report in April 2015 (‘Accelerated strategic change’), and the stock is now close to our TP. Following the plethora of recent portfolio announcements from the company, the relative paucity of upcoming catalysts (we do not expect further large imminent acquisitions or divestments), and the stock’s valuation multiple recovery YTD, we view the risk/reward as fairly balanced," said Mitchell.
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 $54.67 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- IBM tumbles on soft Q1 revenue; announces HashiCorp $6.4bn acquisition
- Digital Realty Trust (DLR) Appoints Susan Swanezy to its Board
- Raymond James Downgrades Northland Power Inc. (NPI:CN) (NPIFF) to Outperform
Create E-mail Alert Related Categories
Analyst Comments, DowngradesRelated Entities
Credit Suisse, Definitive AgreementSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!