Barnes Group Hosts Management Meetings With Oppenheimer
Oppenheimer has published a research report on Barnes Group (NYSE: B) after meeting with company management..
In the report, Oppenheimer writes "We met with B's management and discussed the strategy for Distribution and positioning of the Aerospace platform, along with B's other businesses and operational opportunities. With Distribution a source of investor concern, we came away with some increased optimism that the business can return to more steady profitability. We are maintaining our '10E EPS of $0.99 and '11E EPS of $1.50, and raising PT to $24 from $23, 16x '11E EPS, in line with historical mid-cycle multiple. Our estimate includes an assumption of 12% '11E Aero AM growth, and low single-digit profitability for Distribution (vs. approximately breakeven in 2010)."
Oppenheimer maintains its Outperform rating and $24 price target.
Barnes Group closed Friday at $19.03.
