Soleil Securities Upgrades RPM International (RPM) to Gradually Accumulate
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Soleil Securities upgrades RPM International (NYSE: RPM) from Hold to Gradually Accumulate. Price target $23.
Soleil analyst says, "Due to the Consumer segment (35% of sales) now rebounding as well as our expectation for a recovery in the Industrial segment (65%) beginning late in FY10 (May), we are increasing our three-to-five year EPS growth rate to 11% (from 9%). On that basis, the shares (still off 26% from their July 2007 high of $26 [vs a 29% decline for the S&P 500]) are trading at 126% of the growth rate, and only 13.9 times our 12-month forward EPS estimate. RPM's dividend, raised for 36 straight years, provides a current yield of 4.3%, with a payout ratio of around 60% on FY10 projected earnings. Margins are now improving due to more favorable raw material costs (accounting for 85%-90% of cost-of-goods sold), after four-plus years of increases, and cost reductions (expected to result in around $50 million in savings for FY10)."
To see more analyst ratings on RPM Click Here.
RPM International Inc. engages in the manufacture, marketing, and sale of various specialty chemical products to industrial and consumer markets worldwide.
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