Nomura Securities Maintains a 'Neutral' on Cooper Industries (CBE); 1Q Earnings Recap

Nomura Securities maintains a 'Neutral' on Cooper Industries (NYSE: CBE), raises PT to $70.

Nomura analyst, Shannon O’Callaghan, says, "Solid beat with CBE reporting 1Q11 EPS of $0.93 (including $0.06 discrete tax item benefit) vs. our estimate and consensus of $0.84. CBE raised 2011 EPS guidance to $3.75-$3.90 from $3.60-$3.80 compared to consensus of $3.81 and our $3.80 est. CBE experienced broad based strength in the quarter, with utility and industrial markets leading the pack; however, Incrementals were disappointing in the quarter at 18% vs. our 20.5% estimate. We raise our 2011/12 EPS estimate to $3.95/$4.35 from $3.80/$4.20, respectively."

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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