UPDATE: Piper Jaffray Initiates Coverage on Cooper Industries
According to a research report published earlier today, Piper Jaffray has initiated Cooper Industries (NYSE: CBE) with an Overweight rating and $73 PT.
Piper Jaffray commented in the report, “CBE is poised to benefit from secular growth trends in lighting, transmission and distribution (T&D) upgrades, and increased U.S. shale gas production. Global lighting demand is projected to grow at a 6% CAGR through 2016, but energy efficient lighting (compact fluorescent, and LED), likely grows 2x, at 12%, with LED growth at ~3x at 34%.”
Cooper Industries is currently trading at $62.03.
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