UBS on Electrical Equipment and Multi-Industry: New and Notable (FAST, IR, EMR, LII, CBE, ETN)

UBS on Electrical Equipment and Multi-Industry

Analyst, Jason Feldman, said, "Fastenal (Nasdaq: FAST) released daily sales data for August. FX-adjusted sales growth of +12.3% decelerated 40bps from July’s +12.7%, despite a 240 bps easier comp. Sales to manufacturing end markets increased 14%, in line with July’s +13.9%. Non-resi sales growth declined to +7.3% from +9.3%."

Ingersoll-Rand (NYSE: IR) / Emerson (NYSE: EMR): Lennox (NYSE: LII) backlog weakens on continued macro uncertainty At a recent industry conference, LII described July activity as "solid" on favourable weather trends, while August "slowed down a bit." LII also noted deterioration in Commercial and Resi-backlogs in both July and August, following a strong 2Q performance. Guidance remains unchanged, though the backlog weakness could "hang on that number a bit."

UBS raises price target on Cooper (NYSE: CBE) from $69 to $76. PT raised on Eaton (NYSE: ETN) from $40 to $46.

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