Nomura Securities on U.S. Industrials: We Bump Up CBE; DOV Consensus Hasn’t Fully Removed Heil
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Rating Summary:
19 Buy, 10 Hold, 0 Sell
Rating Trend:
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Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Nomura Securities on U.S. Industrials: We Bump Up CBE and Point
Out that DOV Consensus Hasn’t Fully Removed Heil
Analyst, Shannon O'Callaghan, said, "We point out that the current Dover Corp (NYSE: DOV) consensus of $1.05 for 4Q11 does not appear to fully reflect the removal of $0.04 from the Heil Trailer divestiture announced on 12/30/11. Prior to the divestiture, consensus was $1.06, so we view the adjusted consensus as $1.02 rather than the $1.05 currently shown. We are at $1.03 and we have removed the $0.04 from Heil."
"The only change to our 2012 annual EPS estimates was for Cooper Industries (NYSE: CBE), where we think solid industrial, utility, lighting, and oil & gas trends in North America, combined with absence of investment headwinds, suggest our prior estimate was likely conservative. We raise our 2012 EPS estimate for CBE from $4.00 to $4.20 and our price target to $59 based on 14x our 2012 EPS estimate (prior $54 target was based on 13.5x our prior $4.00 estimate for 2012). CBE rating remains Neutral."
"In terms of calendar 4Q11 results, we are most constructive on Buy-rated Rockwell (NYSE: ROK) driven by continued strength in U.S. discrete automation and global process automation markets while we are most cautious on Reduce-rated 3M (NYSE: MMM), which we think could see pressure on organic growth and earnings from weakening European fundamentals and FX as well as Thailand disruptions in electronics, with some offset from a lower tax rate."
Out that DOV Consensus Hasn’t Fully Removed Heil
Analyst, Shannon O'Callaghan, said, "We point out that the current Dover Corp (NYSE: DOV) consensus of $1.05 for 4Q11 does not appear to fully reflect the removal of $0.04 from the Heil Trailer divestiture announced on 12/30/11. Prior to the divestiture, consensus was $1.06, so we view the adjusted consensus as $1.02 rather than the $1.05 currently shown. We are at $1.03 and we have removed the $0.04 from Heil."
"The only change to our 2012 annual EPS estimates was for Cooper Industries (NYSE: CBE), where we think solid industrial, utility, lighting, and oil & gas trends in North America, combined with absence of investment headwinds, suggest our prior estimate was likely conservative. We raise our 2012 EPS estimate for CBE from $4.00 to $4.20 and our price target to $59 based on 14x our 2012 EPS estimate (prior $54 target was based on 13.5x our prior $4.00 estimate for 2012). CBE rating remains Neutral."
"In terms of calendar 4Q11 results, we are most constructive on Buy-rated Rockwell (NYSE: ROK) driven by continued strength in U.S. discrete automation and global process automation markets while we are most cautious on Reduce-rated 3M (NYSE: MMM), which we think could see pressure on organic growth and earnings from weakening European fundamentals and FX as well as Thailand disruptions in electronics, with some offset from a lower tax rate."
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