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Wells Fargo Downgrades Thomas & Betts (TNB) to Market Perform; ABB Acquisition Announcement

January 31, 2012 8:29 AM EST
Get Alerts TNB Hot Sheet
Price: $71.99 --0%

Rating Summary:
    3 Buy, 6 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 0 | Down: 0 | New: 0
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Wells Fargo downgraded Thomas & Betts (NYSE: TNB) from Outperform to Market Perform with a price target range $71.75-$72.00 (from $54-57)

Wells analyst says, "We are downgrading TNB shares to Market Perform following ABB's (NYSE: ABB) announcement that it intends to acquire the company. We feel the offer price ($72/share, all cash) is fair and do not expect other suitors. The deal is expected to close in Q2. TNB's Q4 results were strong. In our view, management deserves credit for improving the company's operations post the 2008-09 downturn and enhancing shareholder value. We are raising our 2012E EPS to $4.05 (from $3.82), which is the midpoint of the company's 2012 guidance. We are increasing our 2013E EPS to $4.66 (from $4.40)."

For an analyst ratings summary and ratings history on Thomas & Betts click here. For more ratings news on Thomas & Betts click here.

Shares of Thomas & Betts closed at $71.31 yesterday.


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