Stifel Nicolaus lowers its rating on Cooper Industries CBE to Hold from Buy and suspends its price target of $65.
Stifel Nicolaus comments, "We are reducing our rating on Cooper Industries to Hold From Buy on the basis of valuation. The stock closed yesterday at $64.01; our target price had been $65.00. We are increasing our EPS estimates approximately 4% and believe that Cooper's outlook remains solid. However, the higher earnings and application of slightly higher target multiples do not yield enough upside on a 1-year and 3-year basis to maintain our Buy rating."
CBE closed at $64.01 on Wednesday.
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