CBE Beats 4Q09 Expectations
Analysts at FBR Capital Markets maintain their "market perform" rating on Cooper Industries Ltd (NYSE: CBE), while raising their estimates for the company. The target price for CBE has been raised from $44 to $46.
According to FBR Capital Markets, Cooper Industries has reported its Q4 results ahead of the expectations and issued solid guidance for 2010. Although CBE expects the pricing environment to worsen during 1H10, it expects a rebound during 2H10.
“We remain constructive on the shares and see potential for acquisition activity as Cooper Industries puts its stellar 14% net debt to capital balance sheet to work,” the analysts mention. FBR Capital Markets has raised its EPS estimate for 2010 from $2.70 to $2.85.
(c) 2012 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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