KeyBanc Reiterates Overweight Rating on Emerson (EMR)
KeyBanc analyst Ken Newman reiterated an Overweight rating and $125.00 price target on Emerson (NYSE: EMR)
The analyst comments "This morning Emerson Electric Co. (EMR- NYSE) reported net sales of $4,619 million (+13% y/y on pro-forma basis) vs. consensus of $4,566 million and our model of $4,563 million. EPS in the quarter was $1.48, which was modestly above consensus of $1.47 and our estimate of $1.46. Underlying sales (organic growth) was up 4%, while underlying orders were up 2% y/y. Adjusted segment EBITA margin of 26.2% (vs. consensus of 26.0% and our estimate of 25.4%) was up 60 bps y/y. Backlog (ex-AspenTech) now stands at $7.20 billion (vs. $7.40B last quarter), while the strategic project growth funnel now stands at $11.2 billion (up from $11.0 billion last quarter)."
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Shares of Emerson closed at $109.81 yesterday.