Carlisle (CSL) PT Raised to $135 at Oppenheimer

Oppenheimer analyst Bryan Blair raised the price target on Carlisle (NYSE: CSL) to $135.00 (from $125.00) while maintaining a Outperform rating.

Blair commented, "CSL reported 4Q18 EPS of $1.49, well above our/consensus $1.24/1.23E on operating outperformance (each segment modestly ahead of EBIT expectations) and a favorable tax rate. More important, management guided for solid +L/MSD 2019 core sales growth (+HSD including Petersen contribution), significantly favorable (+$40-50M) CCM price/cost, and continued self-help margin progression across CIT, CFT, and CBF. All in, we believe the pillars of our thesis are strongly intact (rising core CCM profitability, upside margin/accretion potential at Accella, underappreciated margin expansion prospects in CIT and CFT, discounted balance sheet optionality) and believe CSL can sustain EPS outgrowth over the intermediate term. Combining this outlook with discounted valuation (<9x 2019E EBITDA), we reiterate our Outperform rating and increase our
price target to $135 from $125."

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