Barnes Group (B) PT Raised to $48 at Oppenheimer

Oppenheimer analyst Christopher Glynn raised the price target on Barnes Group (NYSE: B) to $48.00 (from $43.00) while maintaining a Outperform rating.

The analyst comments "We are raising our PT to $48 from $43 based on a likely conservative sum-of-parts. Barnes' EV currently reflects 12.8x '25E Aerospace EBITDA; applying divestiture proceeds (Associated Spring/Hangii nets $150M; 4/4/24 close), reflects 12.2x; further applying a substantial portion of 2Q24-25E FCF after dividends to debt reduction (MB Aerospace acquisition; 8/31/23 close), reflects ~11.6x. With deleveraging, MB synergies, and noting Barnes' Aerospace sturdy historical performance, we acknowledge potential for higher valuation (vs. 12-13x) for Aerospace (stand-alone or within SoP; stand-alone could potentially enhance Aerospace valuation). More immediately, we think current valuation applied discretely to Aerospace represents a quite defensible argument that Industrial comes for free in the current valuation."

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