FBR Capital Maintains an 'Outperform' on Cooper Industries (CBE); Strong 1Q11; Increasing Estimates and Price Target

FBR Capital maintains an 'Outperform' on Cooper Industries (NYSE: CBE), PT increased from $65 to $70.

FBR analyst says, "...We remain positive on Cooper as the outlook in the company’s late-cycle markets in nonres and utility is for recovery in 2011–2012. Acquisitions could provide additional upside where, even as commentary suggests valuations tracking higher, especially for larger-sized deals, we would still expect bolt-ons over the next several months. Increased spending on growth initiatives also suggests Cooper’s longer-term organic growth trajectory could be moving higher to the 6%–9% range. We are raising our 2011–2012 EPS estimates from $3.80/$4.40 to $4.00/$4.65..."

For more ratings news on Cooper Industries click here and for the rating history of Cooper Industries click here.

Shares of Cooper Industries closed at $66.24 yesterday.

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