UBS Maintains a 'Neutral' on WW Grainger (GWW); Raising ‘12E on Better Outlook, Repos, Tax

UBS maintains a 'Neutral' on WW Grainger (NYSE: GWW) price target raised from $177 to $210.

UBS analyst says, "Our 4Q EPS falls to $2.10 from $2.14 on weaker Europe and higher growth investments, head winds on which GWW has been transparent, plus weaker FX net of better core volume. In 2012, lower taxes and share repos add $0.25/sh. We also think accelerating share gains, further pricing, and added productivity will more than offset inflation and higher growth spend, boosting EBIT margins 50bp y/y."

"Our view on the stock: valuation looks full post our upward revisions" (UBS lowers FY11 from $9.05 to $9.01, but raises FY12 from $10.25 to 10.65)

For an analyst ratings summary and ratings history on WW Grainger click here. For more ratings news on WW Grainger click here.

Shares of WW Grainger closed at $202.10 yesterday.

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