Nomura Securities Maintains a 'Neutral' on Cooper Industries (CBE); Raising FY12/13 Estimates After Q1 Results

Nomura Securities maintains a 'Neutral' on Cooper Industries (NYSE: CBE) price target of $68.00.

Analyst, Shannon O'Callaghan, said, "1Q review; guide up, but still cautious on visibility, inflation and higher restructuring. 1Q was a good comeback quarter for Cooper after the incremental margin issues in 2011. CBE reported 1Q12 EPS of $1.00 (incl $0.06 environmental charge in ESS), slightly below our $1.01 estimate, in line with consensus of $1.00. 2012 guidance increased to $4.25-4.40 from $4.15-4.35 vs. our prior $4.35 estimate and consensus of $4.34. We raise our 2012 EPS estimate from $4.35 to $4.40, 2013 from $4.80 to $4.85, and our price target to $68 based on approximately 14x our 2013 EPS estimate.

For an analyst ratings summary and ratings history on Cooper Industries click here. For more ratings news on Cooper Industries click here.

Shares of Cooper Industries closed at $64.01 yesterday.

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