Jesup & Lamont Initiates Coverage on Thomas & Betts (TNB) with a Buy; Potential Upturn in Demand
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Jesup & Lamont initiates coverage on Thomas & Betts (NYSE: TNB) with a Buy. Price target $49.
Jesup analyst says, "This is the right time in the economic cycle to own Thomas & Betts as economic indicators are signaling a potential upturn in demand. This is a cyclical company likely through the worst of this downturn. It is a well-managed and capitalized company that has rationalized its cost structure to the point where it is poised to leverage any incremental sales growth to the bottom line. 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. The valuation of T&B is very attractive at 7.4x trailing twelve months EV/EBITDA and 7.6x our estimate for 2009."
To see more analyst ratings on TNB Click Here.
Thomas & Betts Corporation designs, manufactures, and markets electrical components for industrial, construction, retail, utility, and communications markets.
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