Nomura Securities Maintains a 'Neutral' on Cooper Industries (CBE); Q2 Review

Nomura Securities maintains a 'Neutral' on Cooper Industries (NYSE: CBE) price target lowered from $70 to $65.

Nomura analyst, Shannon O’Callaghan, said, "CBE reported 2Q11 EPS of $0.96 versus our estimate of $0.95 and consensus of $0.96. Sales increased 17% (12.7% core ex-tools versus our 10.6% estimate) to $1.369bn, 4% better than our estimate of $1.321B and 3% better than consensus of $1.333B. We reduced our price target to $65 on 15x 2012E EPS of $4.35, with no changes to EPS estimates. We continue to view CBE as well managed, with an attractive portfolio that has been impressively transformed since the early part of last decade. In the near term we think investment spending and res/non-res market pressures may keep a lid on incrementals and the multiple."

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 $57.12 yesterday.

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