SunTrust Robinson Humphrey Initiates Lennox International (LII) with a Neutral
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SunTrust Robinson Humphrey initiates coverage on Lennox International (NYSE: LII) with a Neutral rating.
The firm said, "The mix of business will keep LII's earnings moving forward but we believe the stock will be stuck in a trading range until the story is told on Commercial HVAC in the U.S. and Europe. The current valuation looks compelling but like so many other stocks with commercial exposure, we likely will need to be deeper in the cycle before investors are willing to jump in. We also believe management's 2008 adjusted EPS estimate range of $2.85-$3.00 looks aggressive based on our macroeconomic view. Despite this, we believe a bottom at LII is coming soon where internal changes and strong secular residential HVAC growth will play in the company's favor."
Based in Dallas, TX, Lennox International produces and markets a broad range of residential and commercial heating, air conditioning, and refrigeration equipment and components.
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