J.P. Morgan’s EE/MI Update (GE, MMM, HON, ROK)

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J.P. Morgan is out with a research report this morning, where it reviews that recent action in the Electrical Equipment and Multi-Industry Sector (EE/MI). The JPM analysts noted that they are continuing to be selective on their long names and continue to favor later cycle markets that have yet to move off of the bottom, though are trading at discounts to early cycle performers. The analysts also noted that Q2 was sold across the board, with the group beating consensus by an average of 8% versus the 25% seen in Q1. Early cycle was up 20%+ and late cycle down 20%, a dynamic that they noted will likely not last. The JPM analysts’ estimates remain below the respective Street consensuses. They downgraded shares of 3M
MMM
today to Underweight, from Neutral, and upgraded shares of Honeywell to Overweight, from Neutral. Shares of General Electric is rated Overweight with a $21.00 price target; Rockwell in Neutral rated with a $63.00 price target.
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Posted In: Analyst ColorPrice TargetAnalyst RatingsIndustrial ConglomeratesIndustrialsJP Morgan
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