SPX (NYSE: SPW), Sonoco Products (NYSE: SON), SL Green Realty (NYSE: SLG), Pegasystems (NASDAQ: PEGA), Urban Outfitters (NASDAQ: URBN) and Webmd Health (NASDAQ: WBMD) ratings and price targets.
Sonoco Products (SON) had its “Neutral” rating reiterated by Goldman Sachs (NYSE:GS).
SPX (SPW) had its “Neutral” rating reiterated by Goldman Sachs.
SL Green Realty (SLG) had its price target lowered by RBC Capital from $96.00 to $80.00. They have an “Outperform” rating on the company.
Pegasystems (PEGA) was upgraded by Zacks Investment Research from an “Underperform” rating to a “Neutral” rating.
Urban Outfitters (URBN) was downgraded by Robert W. Baird from an “Outperform” rating to a “Neutral” rating. They have a price target of $28.00 on the company, down from $34.00.
Webmd Health (WBMD) was downgraded by Morgan Stanley (NYSE:MS) from an “Equal Weight” rating to an “Underweight” rating.
Showing posts with label SPX. Show all posts
Showing posts with label SPX. Show all posts
Thursday, January 12, 2012
Tuesday, August 30, 2011
SPX (SPW) (CSOD) (MSG) (DG) (PFE) (EBAY) Ratings Reiterated
SPX Corp (NYSE: SPW), Cornerstone OnDemand (NASDAQ: CSOD), Madison Square Garden, Inc. (NYSE: MSG), Dollar General (NYSE: DG), Pfizer Inc (NYSE: PFE) and eBay, Inc. (NASDAQ: EBAY) had their ratings reiterated by analysts.
Citigroup (NYSE:C) reiterated a "Hold" rating on SPX Corp. (SPW).
Piper Jaffray (NYSE:PJC) reiterated an "Overweight" rating on Cornerstone OnDemand (CSOD).
Stifel Nicolaus reiterated a "Hold" rating on Madison Square Garden, Inc. (MSG).
Wedbush reiterated an "Outperform" rating on Dollar General (DG).
JPMorgan Chase & Co. (NYSE:JPM) reiterated an "Overweight" rating on Pfizer Inc. (PFE).
Piper Jaffray reiterated a "Neutral" rating on eBay, Inc. (EBAY).
Citigroup (NYSE:C) reiterated a "Hold" rating on SPX Corp. (SPW).
Piper Jaffray (NYSE:PJC) reiterated an "Overweight" rating on Cornerstone OnDemand (CSOD).
Stifel Nicolaus reiterated a "Hold" rating on Madison Square Garden, Inc. (MSG).
Wedbush reiterated an "Outperform" rating on Dollar General (DG).
JPMorgan Chase & Co. (NYSE:JPM) reiterated an "Overweight" rating on Pfizer Inc. (PFE).
Piper Jaffray reiterated a "Neutral" rating on eBay, Inc. (EBAY).
Thursday, August 25, 2011
Arbitron (ARB) (TDS) (RMCF) (CECE) (SPW) (GORO) Declare Dividends
The Board of Directors of Arbitron Inc. (NYSE:ARB) declared a quarterly common stock dividend of $0.10 per share payable 10/3/11 to shareholders of record at the close of business on 9/15/11.
The Board of Directors of Telephone & Data Systems Inc. (NYSE:TDS) declared a third quarter common stock dividend of $0.1175 per share payable 9/30/11 to shareholders of record at the close of business on 9/16/11.
The Board of Directors of Rocky Mountain Chocolate Factory (NASDAQ:RMCF) declared a quarterly common stock dividend of $0.10 per share payable 9/16/11 to shareholders of record at the close of business on 9/6/11.
The Board of Directors of Ceco Environmental Corp. (NASDAQ:CECE) declared a quarterly common stock dividend of $0.025 per share payable 9/30/11 to shareholders of record at the close of business on 9/15/11.
The Board of Directors of SPX Corp (NYSE:SPW) declared a quarterly common stock dividend of $0.25 per share payable 10/4/11 to shareholders of record at the close of business on 9/14/11.
The Board of Directors of Gold Resource Corporation (AMEX:GORO) declared a quarterly common stock dividend of $0.05 per share payable 9/23/11 to shareholders of record at the close of business on 9/12/11.
The Board of Directors of Telephone & Data Systems Inc. (NYSE:TDS) declared a third quarter common stock dividend of $0.1175 per share payable 9/30/11 to shareholders of record at the close of business on 9/16/11.
The Board of Directors of Rocky Mountain Chocolate Factory (NASDAQ:RMCF) declared a quarterly common stock dividend of $0.10 per share payable 9/16/11 to shareholders of record at the close of business on 9/6/11.
The Board of Directors of Ceco Environmental Corp. (NASDAQ:CECE) declared a quarterly common stock dividend of $0.025 per share payable 9/30/11 to shareholders of record at the close of business on 9/15/11.
The Board of Directors of SPX Corp (NYSE:SPW) declared a quarterly common stock dividend of $0.25 per share payable 10/4/11 to shareholders of record at the close of business on 9/14/11.
The Board of Directors of Gold Resource Corporation (AMEX:GORO) declared a quarterly common stock dividend of $0.05 per share payable 9/23/11 to shareholders of record at the close of business on 9/12/11.
Friday, August 5, 2011
SPX (SPW) (AAP) (CHH) (CSC) (FIRE) (LINC) (MA) Price Targets Changed
SPX Corp (NYSE: SPW), Advance Auto Parts, Inc. (NYSE: AAP), Choice Hotels (NYSE: CHH), Computer Sciences (NYSE: CSC), Sourcefire, Inc. (NASDAQ: FIRE), Lincoln Educational Services Corp (NASDAQ: LINC) and MasterCard (NYSE: MA) price targets adjusted by analysts.
Advance Auto Parts, Inc. (AAP) had its price target lowered by Barclays Capital from $63.00 to $59.00. They have an “Equal Weight” rating on the company.
Choice Hotels (CHH) had its price target lowered by Barclays Capital from $37.00 to $34.00. They have an “Underweight” rating on the company.
Computer Sciences (CSC) had its price target lowered by Barclays Capital from $42.00 to $38.00. They have an “Equal Weight” rating on the company.
Sourcefire, Inc. (FIRE) had its price target raised by Barclays Capital from $22.00 to $24.00. They have an “Equal Weight” rating on the company.
Lincoln Educational Services Corp. (LINC) had its price target lowered by Barclays Capital from $14.00 to $11.00. They have an “Equal Weight” rating on the company.
MasterCard (MA) had its price target raised by Barclays Capital from $335.00 to $370.00. They have an “Overweight” rating on the company.
SPX Corp. (SPW) had its price target lowered by Barclays Capital from $104.00 to $80.00. They have an “Overweight” rating on the company.
Advance Auto Parts, Inc. (AAP) had its price target lowered by Barclays Capital from $63.00 to $59.00. They have an “Equal Weight” rating on the company.
Choice Hotels (CHH) had its price target lowered by Barclays Capital from $37.00 to $34.00. They have an “Underweight” rating on the company.
Computer Sciences (CSC) had its price target lowered by Barclays Capital from $42.00 to $38.00. They have an “Equal Weight” rating on the company.
Sourcefire, Inc. (FIRE) had its price target raised by Barclays Capital from $22.00 to $24.00. They have an “Equal Weight” rating on the company.
Lincoln Educational Services Corp. (LINC) had its price target lowered by Barclays Capital from $14.00 to $11.00. They have an “Equal Weight” rating on the company.
MasterCard (MA) had its price target raised by Barclays Capital from $335.00 to $370.00. They have an “Overweight” rating on the company.
SPX Corp. (SPW) had its price target lowered by Barclays Capital from $104.00 to $80.00. They have an “Overweight” rating on the company.
Bruker (BRKR) (ARCO) (SPW) (ATML) (ENTR) (ONNN) (G) (LINC) (OC) Price Targets Changed
Bruker Co. (NASDAQ: BRKR), Arcos Dorados Holdings Inc. (NASDAQ: ARCO), SPX Corp (NYSE: SPW), Atmel (NASDAQ: ATML), Entropic Communications (NASDAQ: ENTR), ON Semiconductor (NASDAQ: ONNN), Genpact Limited (NYSE: G), Lincoln Educational Services Corp (NASDAQ: LINC) and Owens Corning (NYSE: OC) price targets adjusted by analysts.
Arcos Dorados Holdings Inc. (ARCO) had its price target raised by Citigroup (NYSE:C) to $32.00. They have a “Buy” rating on the company.
Atmel (NASDAQ: ATML) had its price target lowered by analysts at UBS AG to $18.00. The analysts now have a “buy” rating on the company.
Bruker Co. (NASDAQ: BRKR) had its price target lowered by analysts at UBS AG from $23.00 to $21.00. The analysts now have a “buy” rating on the company.
Entropic Communications (NASDAQ: ENTR) had its price target lowered by analysts at The Benchmark Company from $12.00 to $9.00. The analysts now have a “buy” rating on the company.
Genpact Limited (NYSE: G) had its price target raised by analysts at Citigroup to $18.00. The analysts now have a “hold” rating on the company.
Lincoln Educational Services Corp (NASDAQ: LINC) had its price target lowered by analysts at Barrington Research from $23.00 to $19.00. The analysts now have an “outperform” rating on the company.
Owens Corning (NYSE: OC) had its price target lowered by analysts at Citigroup to $47.00. The analysts now have a “buy” rating on the company.
ON Semiconductor (NASDAQ: ONNN) had its price target lowered by analysts at UBS AG to $9.00. The analysts now have a “neutral” rating on the company.
SPX Corp (NYSE: SPW) had its price target lowered by analysts at Stifel Nicolaus from $100.00 to $90.00. The analysts now have a “buy” rating on the company.
Arcos Dorados Holdings Inc. (ARCO) had its price target raised by Citigroup (NYSE:C) to $32.00. They have a “Buy” rating on the company.
Atmel (NASDAQ: ATML) had its price target lowered by analysts at UBS AG to $18.00. The analysts now have a “buy” rating on the company.
Bruker Co. (NASDAQ: BRKR) had its price target lowered by analysts at UBS AG from $23.00 to $21.00. The analysts now have a “buy” rating on the company.
Entropic Communications (NASDAQ: ENTR) had its price target lowered by analysts at The Benchmark Company from $12.00 to $9.00. The analysts now have a “buy” rating on the company.
Genpact Limited (NYSE: G) had its price target raised by analysts at Citigroup to $18.00. The analysts now have a “hold” rating on the company.
Lincoln Educational Services Corp (NASDAQ: LINC) had its price target lowered by analysts at Barrington Research from $23.00 to $19.00. The analysts now have an “outperform” rating on the company.
Owens Corning (NYSE: OC) had its price target lowered by analysts at Citigroup to $47.00. The analysts now have a “buy” rating on the company.
ON Semiconductor (NASDAQ: ONNN) had its price target lowered by analysts at UBS AG to $9.00. The analysts now have a “neutral” rating on the company.
SPX Corp (NYSE: SPW) had its price target lowered by analysts at Stifel Nicolaus from $100.00 to $90.00. The analysts now have a “buy” rating on the company.
MasterCard (MA) (AREX) (EMR) (SPW) (TWX) (WFR) Price Targets Changed
MasterCard (NYSE: MA), Approach Resources Inc. (NASDAQ: AREX), Emerson Electric Co. (NYSE: EMR), SPX Corp (NYSE: SPW), Time Warner Inc. (NYSE: TWX) and MEMC Electronic Materials Inc (NYSE: WFR) price targets adjusted by analysts.
Approach Resources Inc. (AREX) had its price target lowered by Rodman & Renshaw from $33.00 to $30.00. They have an “Outperform” rating on the company.
Emerson Electric Co. (EMR) had its price target lowered by analysts at Credit Suisse (NYSE:CS) to $59.00. They have an “outperform” rating on the company.
MasterCard (MA) had its price target raised by FBR Capital from $330.00 to $390.00. They have an “Outperform” rating on the company.
SPX Corp. (SPW) had its price target lowered by FBR Capital from $92.00 to $88.00. They have an “Outperform” rating on the company.
Time Warner Inc. (TWX) had its price target lowered by UBS AG (NYSE:UBS) to $36.00. They have a “Neutral” rating on the company.
MEMC Electronic Materials Inc. (WFR) had its price target lowered by UBS AG to $12.00. They have a “Buy” rating on the company.
Approach Resources Inc. (AREX) had its price target lowered by Rodman & Renshaw from $33.00 to $30.00. They have an “Outperform” rating on the company.
Emerson Electric Co. (EMR) had its price target lowered by analysts at Credit Suisse (NYSE:CS) to $59.00. They have an “outperform” rating on the company.
MasterCard (MA) had its price target raised by FBR Capital from $330.00 to $390.00. They have an “Outperform” rating on the company.
SPX Corp. (SPW) had its price target lowered by FBR Capital from $92.00 to $88.00. They have an “Outperform” rating on the company.
Time Warner Inc. (TWX) had its price target lowered by UBS AG (NYSE:UBS) to $36.00. They have a “Neutral” rating on the company.
MEMC Electronic Materials Inc. (WFR) had its price target lowered by UBS AG to $12.00. They have a “Buy” rating on the company.
Wednesday, May 11, 2011
Coverage on (PPS) (QIHU) (SPW) (GNC) Initiated
Coverage on shares of Post Properties, Inc. (NYSE: PPS), Qihoo 360 Technology (NASDAQ: QIHU), SPX Corp (NYSE: SPW) and GNC Corp. (NYSE: GNC) was initiated by analysts.
Wunderlich initiated coverage on Post Properties, Inc. (PPS). They placed a “hold” rating and a $41.00 price target on the company.
Citigroup (NYSE:C) initiated coverage on Qihoo 360 Technology (QIHU). They placed a “buy” rating on the company.
ThinkEquity initiated coverage on shares of SPX Corp (SPW). They placed a “buy” rating and a price target of $94.00 on the company.
Credit Suisse (NYSE:CS) initiated coverage on GNC Corp. (GNC). They placed an “outperform” rating on the company.
Wunderlich initiated coverage on Post Properties, Inc. (PPS). They placed a “hold” rating and a $41.00 price target on the company.
Citigroup (NYSE:C) initiated coverage on Qihoo 360 Technology (QIHU). They placed a “buy” rating on the company.
ThinkEquity initiated coverage on shares of SPX Corp (SPW). They placed a “buy” rating and a price target of $94.00 on the company.
Credit Suisse (NYSE:CS) initiated coverage on GNC Corp. (GNC). They placed an “outperform” rating on the company.
Friday, May 6, 2011
Coverage on (MGM) (SPW) (CECO) (END) Initiated by Analysts
MGM Resorts International (NYSE:MGM), SPX Corp (NYSE:SPW), Career Education Corp. (NASDAQ:CECO) and Endeavour International Corp. (NYSE:END) had coverage initiated on them by analysts.
Credit Suisse (NYSE:CS) initiated coverage on MGM Resorts International (MGM), starting them off with an "Underperform" rating. They placed a price target of $11 on the company.
FBR Capital Markets initiated coverage on SPX Corp (SPW), starting them off with an "Outperform" rating. They placed a price target of $92 on the company.
FBR Capital Markets initiated coverage on Career Education Corp. (CECO), starting them off with an "Underperform" rating.
FBR Capital Markets initiated coverage on Endeavour International Corp. (END), starting them off with an "Outperform" rating. They placed a price target of $18 on the company.
Credit Suisse (NYSE:CS) initiated coverage on MGM Resorts International (MGM), starting them off with an "Underperform" rating. They placed a price target of $11 on the company.
FBR Capital Markets initiated coverage on SPX Corp (SPW), starting them off with an "Outperform" rating. They placed a price target of $92 on the company.
FBR Capital Markets initiated coverage on Career Education Corp. (CECO), starting them off with an "Underperform" rating.
FBR Capital Markets initiated coverage on Endeavour International Corp. (END), starting them off with an "Outperform" rating. They placed a price target of $18 on the company.
Thursday, May 5, 2011
Price Targets on (SPW) (SSYS) (TXCC) (VRSK) Updated by Analysts
Price Targets on SPX Corp (NYSE: SPW), Stratasys (NASDAQ: SSYS), TranSwitch Co. (NASDAQ: TXCC) and Verisk Analytics Inc (NASDAQ: VRSK) were updated by analysts.
Stifel Nicolaus raised their price target on SPX Corp (SPW) from $98.00 to $100.00. They have a “buy” rating on the company.
Needham & Company raised their price target on Stratasys (SSYS) from $43.00 to $47.00. They have a “buy” rating on the company.
Northland Securities raised their price target on TranSwitch Co. (TXCC) from $2.00 to $3.25. They have a “market perform” rating on the company.
Credit Suisse (NYSE:CS) raised their price target on Verisk Analytics Inc (VRSK) to $37.00. They have an “outperform” rating on the company.
Stifel Nicolaus raised their price target on SPX Corp (SPW) from $98.00 to $100.00. They have a “buy” rating on the company.
Needham & Company raised their price target on Stratasys (SSYS) from $43.00 to $47.00. They have a “buy” rating on the company.
Northland Securities raised their price target on TranSwitch Co. (TXCC) from $2.00 to $3.25. They have a “market perform” rating on the company.
Credit Suisse (NYSE:CS) raised their price target on Verisk Analytics Inc (VRSK) to $37.00. They have an “outperform” rating on the company.
Friday, January 28, 2011
Universal Technologies (NYSE:UTX) Has Less Upside than Illinois Tool (NYSE:ITW), Tyco (NYSE:TYC), 3M (NYSE:MMM), Cooper (NYSE:CBE), WESCO (NYSE:WCC), SPX (NYSE:SPW), Actuant (NYSE:ATU)
Universal Technologies (NYSE:UTX) is strong on international exposure, which empowers it to leverage growth in emerging markets, but at this time FBR likes Illinois Tool (NYSE:ITW), Tyco (NYSE:TYC), 3M (NYSE:MMM), Cooper (NYSE:CBE), WESCO (NYSE:WCC), SPX (NYSE:SPW) and Actuant (NYSE:ATU), citing more upside to their price targets on them.
FBR says, "We continue to view UTC as better positioned relative to other late-cycle companies reflecting revenue visibility afforded by its 40% aftermarket exposure. We also like the company’s 53% international revenues, which help it leverage growth in emerging markets. However, we see greater upside to our price targets in Outperform-rated Illinois Tool (ITW), Tyco (TYC), 3M (MMM), Cooper Industries (CBE), WESCO ( WCC), SPX (NYSE: SPW), and Actuant (ATU). We are maintaining our 2011/2012 estimates and Market Perform rating on United Technologies with a 12-month price target of $83, representing 6% potential upside."
FBR Capital maintains a 'Market Perform' rating on Universal Technologies (UTX), which closed Thursday at $82.59, gaining $1.18, or 1.45 percent. FBR has a price target of $83 on UTX.
FBR says, "We continue to view UTC as better positioned relative to other late-cycle companies reflecting revenue visibility afforded by its 40% aftermarket exposure. We also like the company’s 53% international revenues, which help it leverage growth in emerging markets. However, we see greater upside to our price targets in Outperform-rated Illinois Tool (ITW), Tyco (TYC), 3M (MMM), Cooper Industries (CBE), WESCO ( WCC), SPX (NYSE: SPW), and Actuant (ATU). We are maintaining our 2011/2012 estimates and Market Perform rating on United Technologies with a 12-month price target of $83, representing 6% potential upside."
FBR Capital maintains a 'Market Perform' rating on Universal Technologies (UTX), which closed Thursday at $82.59, gaining $1.18, or 1.45 percent. FBR has a price target of $83 on UTX.
Friday, January 21, 2011
SPX Corp.'s (NYSE:SPW) Power, Fluid Markets Getting More Spending
SPX Corp. (NYSE:SPW) said at a recent analyst meeting their international power and fluid markets are seeing more spending, prompting FBR Capital to increase their price target on SPX significantly.
FBR says, "We came away from SPX’s well-attended analyst meeting in New York City with increased conviction in our positive investment thesis on the stock where the company’s increasingly attractive mid- to late-cycle exposures (about 67% of revenues) in the global power and fluid markets are seeing signs of spending recovery potentially driving significant earnings upside over the next couple of years. Key positives included double-digit sequential improvement in backlog in the important Electric Transformers business to about five to eight months of revenues."
FBR Capital reiterates an "Outperform" rating on SPX Corp. (SPW), which closed Thursday at $73.86, down $1.27, or 1.69 percent. FBR boosted their price target on SPX from $79 to $92.
FBR says, "We came away from SPX’s well-attended analyst meeting in New York City with increased conviction in our positive investment thesis on the stock where the company’s increasingly attractive mid- to late-cycle exposures (about 67% of revenues) in the global power and fluid markets are seeing signs of spending recovery potentially driving significant earnings upside over the next couple of years. Key positives included double-digit sequential improvement in backlog in the important Electric Transformers business to about five to eight months of revenues."
FBR Capital reiterates an "Outperform" rating on SPX Corp. (SPW), which closed Thursday at $73.86, down $1.27, or 1.69 percent. FBR boosted their price target on SPX from $79 to $92.
Friday, December 17, 2010
Danaher (NYSE:DHR) 2001 EPS Guidance Below Consensus
Danaher (NYSE:DHR) revealed at a meeting in New York that its EPS guidance for 2011 would come in lower than consensus.
FBR said, "At its well-attended outlook meeting in New York, as expected, Danaher provided 2011 EPS guidance that came in modestly below consensus at midpoint...We also see the resegmenting of the businesses as a positive, increasing visibility into underlying operating and earnings trends. We continue to like Danaher’s execution on organic growth through share gains and new product innovations. Portfolio mix and solid balance sheet and cash flow add to the shares defensive appeal. We have a constructive bias on the shares but maintain our Market Perform rating for now, as we see greater upside to our price targets in Outperform-rated Actuant (NYSE:ATU), Cooper (NYSE:CBE), SPX (NYSE:SPW), WESCO (NYSE:WCC), Illinois Tool Works (NYSE:ITW), 3M (NYSE:MMM), and Tyco (NYSE:TYC)."
FBR Capital maintains a "Market Perform" rating on Danaher, which closed Thursday at $46.79, up $0.88, or 1.92 percent. FBR has a price target on them of $50.
FBR said, "At its well-attended outlook meeting in New York, as expected, Danaher provided 2011 EPS guidance that came in modestly below consensus at midpoint...We also see the resegmenting of the businesses as a positive, increasing visibility into underlying operating and earnings trends. We continue to like Danaher’s execution on organic growth through share gains and new product innovations. Portfolio mix and solid balance sheet and cash flow add to the shares defensive appeal. We have a constructive bias on the shares but maintain our Market Perform rating for now, as we see greater upside to our price targets in Outperform-rated Actuant (NYSE:ATU), Cooper (NYSE:CBE), SPX (NYSE:SPW), WESCO (NYSE:WCC), Illinois Tool Works (NYSE:ITW), 3M (NYSE:MMM), and Tyco (NYSE:TYC)."
FBR Capital maintains a "Market Perform" rating on Danaher, which closed Thursday at $46.79, up $0.88, or 1.92 percent. FBR has a price target on them of $50.
Thursday, December 16, 2010
Honeywell's (NYSE:HON) Cash Flow, Strong Balance Sheet, Offer Flexibility
Honeywell International (NYSE:HON) gave its EPS estimate guidance, and it came in at a range of $3.50 to $3.70; in line with expectations says FBR Capital.
"Honeywell’s 2011 EPS guidance of $3.50–$3.70 came mostly in line with our expectations and was broadly consistent with the preliminary framework provided with 3Q earnings a few weeks ago...With regard to the shares, we like Honeywell’s improving late-cycle mix in commercial aero and the company’s solid balance sheet and cash flow provide it with flexibility for acquisitions. However, we see greater upside potential to our price targets in Outperform-rated Atuant (NYSE:ATU), WESCO (NYSE:WCC), Cooper (NYSE:CBE), SPX (NYSE:SPW), Illinois Tool (NYSE:ITW), 3M (NYSE:MMM), and Tyco (NYSE:TYC) and remain on the sidelines for now," said FBR.
FBR Capital maintains a "Market Perform" rating on Honeywell, which was trading at $52.77, up $1.23, or 2.39 percent, as of 11:44 AM EST. They have a price target of $57 on them.
"Honeywell’s 2011 EPS guidance of $3.50–$3.70 came mostly in line with our expectations and was broadly consistent with the preliminary framework provided with 3Q earnings a few weeks ago...With regard to the shares, we like Honeywell’s improving late-cycle mix in commercial aero and the company’s solid balance sheet and cash flow provide it with flexibility for acquisitions. However, we see greater upside potential to our price targets in Outperform-rated Atuant (NYSE:ATU), WESCO (NYSE:WCC), Cooper (NYSE:CBE), SPX (NYSE:SPW), Illinois Tool (NYSE:ITW), 3M (NYSE:MMM), and Tyco (NYSE:TYC) and remain on the sidelines for now," said FBR.
FBR Capital maintains a "Market Perform" rating on Honeywell, which was trading at $52.77, up $1.23, or 2.39 percent, as of 11:44 AM EST. They have a price target of $57 on them.
Tuesday, November 30, 2010
Cooper (NYSE:CBE), WESCO (NYSE:WCC), SPX (NYSE:SPW), ABB (NYSE:ABB) Should Benefit from Short Lead Times
With capital expenditures for electric utilities expected to rise in the near term, suppliers like Cooper (NYSE:CBE), WESCO (NYSE:WCC), SPX (NYSE:SPW) and ABB (NYSE:ABB), which have product portfolios with relatively short lead times stand to benefit in the near term.
Of those, ABB have the longest lead time, and may have to wait until the second half of 2011 before they benefit from increased capex.
FBR said, "After declining for the last several quarters, electric utility capex appears to be turning around and our analysis of capex plans of 46 U.S. Electric Utilities suggests potential for a solid pickup in spending. This pickup would be driven by (1) a potential catch-up in spending as electricity demand recovers following two years of declines; (2) new EPA regulations that should drive investment in environmental projects; (3) longer-term need to upgrade the aging T&D grid and ongoing investments in renewables, which necessitates buildout of the transmission infrastructure; and (4) generally strong balance sheets and easier credit availability where CDS spreads are considerably tighter from levels seen in 2009. More near term, we see a pickup related to spending push-out from 2010, during which year-to-date utility spending has tracked meaningfully below plan primarily due to unseasonably warm weather, and possible postponement of expansion at low utilization plants. Our analysis is supported by discussions with several U.S. shareholder-owned utilities at the recent Edison Electric Institute conference, where many companies commented on outlook for solid spending growth driven by environmental, reliability, and transmission spending. This improving capex outlook has positive implications for electrical equipment suppliers, in our view. Specifically, we see upside for suppliers with product portfolios that have relatively short lead times, who could benefit from the near-term pickup in spending, including Outperform-rated Cooper. WESCO should benefit from any spending pickup on the distribution infrastructure. Market Perform-rated SPX, and non-covered ABB also stand to benefit, but their longer lead-time products suggest a 2H11 impact. With regard to implications for Electric Utilities under coverage, high levels of capital expenditures remains consistent with robust rate base growth trajectories for the regulated utilities for the foreseeable future."
Cooper closed Monday at $54.32, down slightly by $0.04, or 0.07 percent. Wesco ended the session at $47.89, falling $0.71, or 1.46 percent. SPX closed at $65.96, down $0.31, or 0.47 percent. ABB ended almost level at $19.57, losing $0.01, or 0.05 percent.
Of those, ABB have the longest lead time, and may have to wait until the second half of 2011 before they benefit from increased capex.
FBR said, "After declining for the last several quarters, electric utility capex appears to be turning around and our analysis of capex plans of 46 U.S. Electric Utilities suggests potential for a solid pickup in spending. This pickup would be driven by (1) a potential catch-up in spending as electricity demand recovers following two years of declines; (2) new EPA regulations that should drive investment in environmental projects; (3) longer-term need to upgrade the aging T&D grid and ongoing investments in renewables, which necessitates buildout of the transmission infrastructure; and (4) generally strong balance sheets and easier credit availability where CDS spreads are considerably tighter from levels seen in 2009. More near term, we see a pickup related to spending push-out from 2010, during which year-to-date utility spending has tracked meaningfully below plan primarily due to unseasonably warm weather, and possible postponement of expansion at low utilization plants. Our analysis is supported by discussions with several U.S. shareholder-owned utilities at the recent Edison Electric Institute conference, where many companies commented on outlook for solid spending growth driven by environmental, reliability, and transmission spending. This improving capex outlook has positive implications for electrical equipment suppliers, in our view. Specifically, we see upside for suppliers with product portfolios that have relatively short lead times, who could benefit from the near-term pickup in spending, including Outperform-rated Cooper. WESCO should benefit from any spending pickup on the distribution infrastructure. Market Perform-rated SPX, and non-covered ABB also stand to benefit, but their longer lead-time products suggest a 2H11 impact. With regard to implications for Electric Utilities under coverage, high levels of capital expenditures remains consistent with robust rate base growth trajectories for the regulated utilities for the foreseeable future."
Cooper closed Monday at $54.32, down slightly by $0.04, or 0.07 percent. Wesco ended the session at $47.89, falling $0.71, or 1.46 percent. SPX closed at $65.96, down $0.31, or 0.47 percent. ABB ended almost level at $19.57, losing $0.01, or 0.05 percent.
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