Barclays Reiterates an 'Overweight' on Armstrong World Industries (AWI); 3Q11 Review; Raising PT

Barclays reiterates an 'Overweight' on Armstrong World Industries (NYSE: AWI) price target raised to $52.00.

Barclays analyst says, "AWI reported 3Q11 revenue of $773.6mn and adjusted EPS of $0.86, beating both our and Street estimates of $0.79 and $0.84, respectively. Consistent with the theme of the building products group this quarter, Armstrong beat our expectations despite a difficult sales environment due to enhanced productivity and aggressive cost cutting measures."

"Following 3Q11, we are raising our 2012 estimate from $2.75 to $2.79 and our price target from $50 (20.0x our F12M EPS estimate of $2.52) to $52 (20.0x our F12M EPS estimate of $2.59)."

For more ratings news on Armstrong World Industries click here and for the rating history of Armstrong World Industries click here.

Shares of Armstrong World Industries closed at $42.59 yesterday.

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