Nomura Securities Maintains a 'Neutral' on Cooper Industries (CBE); Lowers FY11 EPS Estimate

Nomura Securities maintains a 'Neutral' on Cooper Industries (NYSE: CBE) price target of $54.00.

Nomura analyst, Shannon O’Callaghan, said, "CBE negatively preannounced 3Q11 and 2011 earnings last night, the result of internal and external headwinds, mostly across the EPG segment. Management expects 3Q11 EPS to be $0.94-$0.98 vs. prior $0.98-$1.03 vs. consensus of $1.02 and our $1.01 estimate. For 2011, management expects EPS to be $3.75-$3.82 vs. prior guidance of $3.80-3.90. While some of this is self-inflicted, we view the preannouncement as consistent with our expectations for downward EPS revisions across our sector as global growth continues to slow. We are lowering our recently revised EPS estimate for 2011 by an additional nickel to $3.80 and maintaining our 2012 estimate at $4.00."

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 $48.21 yesterday.

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