FBR Capital Reiterates an 'Outperform/Top Pick' on United Stationers (USTR); Update...Leading Into Meeting With Management

FBR Capital reiterates an 'Outperform/Top Pick' on United Stationers (NASDAQ: USTR), PT $45.

FBR analyst says, "We will be hosting meetings with senior management of United Stationers next week. The company is also scheduled to present at an investor conference the following week. We reiterate our rating on the stock into these events, with potential upside to our 2011E earnings forecasts (more so in 2H11E). We expect USTR to garner more of a best-in-class valuation premium to the sector, with the stock likely to attract at least a market (S&P 500) P/E multiple on above-consensus earnings results."

"We estimate 2Q EPS of $0.62, and this is in line with the Street consensus estimate. Our 2011E and 2012E earnings estimates remain above consensus. From a housekeeping perspective, we adjust our 2011E EPS estimate to $2.64 (from $2.65), (Street consensus estimate is $2.61). We adjust our EPS estimate for 2012E to $3.14 (from $3.15), and this compares with the Street consensus estimate of $3.08."

For more ratings news on United Stationers click here and for the rating history of United Stationers click here.

Shares of United Stationers closed at $33.58 yesterday.

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