Jesup & Lamont Initiates Coverage on Cooper Industries (CBE) with a Buy; Incremental Sales Margins Expanding
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Jesup & Lamont initiates coverage on Cooper Industries (NYSE: CBE) with a Buy. Price target $44.
Jesup analyst says, "This is the right time in the economic cycle to own a well-managed company that has strengthened its balance sheet during this downturn and is poised to benefit from better margins and any sales improvement...Cooper can’t get away from its cyclical fundamentals and we expect sales growth of 7% in 2010 which could prove conservative based on improving economic trends. We see this turn in sales driven by improvement in GDP and Industrial Production, specifically: 1) GDP is forecast to grow 2.4% in 2010; and 2) Industrial Production is expected to bounce off a low at the end of 2008 and turn positive as we move into 2010."
"We believe Cooper’s third quarter due to be reported on October 22nd should show sequential improvement in sales and margins. We are estimating $0.66 for its third quarter versus consensus on Bloomberg of $0.63. This quarter to be reported in 6 days should start signaling this company’s future profit potential. Cooper is expected to pay down debt next month lowering interest expense for 2010...Streamlining should continue."
To see more analyst ratings on CBE Click Here.
Cooper Industries plc engages in the manufacture and sale of electrical products and tools in the United States and internationally.
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