Jefferies Reiterates a 'Hold' on MSC Industrial (MSM); Q3 Solid, But Sales Moderating

Jefferies reiterates a 'Hold' on MSC Industrial (NYSE: MSM) price target of $74.00 (from $76.00).

Analyst, R. Scott Graham, said, "3Q12 earnings growth was good, if a bit below the Street. Sales growth slowed late in 3Q, but the 4Q sales guide exceeded our forecast, suggesting the slowdown should level off. Our unchanged F13 EPS forecast is due to MSM's management of op expenses, which is funding higher sales spend, and our view share repurchases will accelerate. We maintain our HOLD rating as we prefer to better gauge the slowdown in the industrial economy in the NT. MSM is well off its year-high and Street estimates are now lower and in our territory, so we believe the stock's risk:reward has improved."

For an analyst ratings summary and ratings history on MSC Industrial click here. For more ratings news on MSC Industrial click here.

Shares of MSC Industrial closed at $65.55 yesterday.

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