UPDATE: Bank of America Upgrades Pall Corporation to Neutral on Order Growth
Bank of America raised its rating on Pall Corporation (NYSE: PLL) from Underperform to Neutral and increased its price objective from $52 to $65.
Bank of America noted, "In fiscal Q4, Pall rebounded strongly from its Q3 miss (due to ERP system implementation issues) with much stronger than expected local currency revenue growth (6.4% vs our -0.5% estimate). While management still has a cautious macro outlook, we believe the rebound in order growth represents a more favorable scenario than we had anticipated when we initiated coverage in June. In addition, the company's cost cutting initiatives appear well on schedule to deliver margin expansion and the company's share repurchase capabilities in our view offer downside EPS protection in the case that the economy slows more than expected."
Pall Corporation closed at $63.25 on Monday.
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