UPDATE: Morgan Stanley Raises PT to $58 on Emerson Electric

Morgan Stanley raises its price target on Overweight-rated Emerson Electric

to $58 from $56 on the heels of the company's investor day. Morgan Stanley says, "We believe there were several important positives: 1) EMR expects 2012/15 organic growth of 5-7%, consistent with its mid-cycle norms... 2) EMR did a good job of isolating Network Power problems to its $1.7bn Embedded Computing and Power businesses, which represent just 7% of sales but are probably losing $80-90m on a run-rate basis. ...3) EMR provided the perfect response to concerns it is vulnerable to Chinese competition by offering the most thorough expose of the competitive landscape in China we have seen, along with detailed plans to attack the mid-tier segment of its markets." EMR closed at $51.62 a share on Tuesday.