Barclays Maintains an 'Overweight' on Thomas & Betts (TNB); 3Q11 Review

Barclays maintains an 'Overweight' on Thomas & Betts (NYSE: TNB) price target of $53.00.

Barclays analyst says, "Transmission exposure is one of the most interesting end markets we cover and TNB has heightened exposure vs. electrical peers. Finally at an inflection point as we are now hearing that Utilities have begun long awaited planned transmission projects at a quicker pace than expected. The backlog of projects has long been building and gives potential runway for several years. This is a highly cyclical business and margins should recover nicely as volumes improve - trough is below 10% and peak is over 20%. TNB is also highly levered to recovery in construction markets - any indication of a pick up here and the stock should outpace peers quickly. Additionally, the company benefits indirectly from retrofit spending in construction markets with products that are put in with relighting and renovation projects." (Barclays raises FY EPS estimate from $3.35 to $3.42)

For more ratings news on Thomas & Betts click here and for the rating history of Thomas & Betts click here.

Shares of Thomas & Betts closed at $47.57 yesterday.

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