UPDATE: BMO Capital Markets Reiterates Market Perform Rating, Lowers PT on Brady Corp.
In a report published Monday, BMO Capital Markets reiterated its Market Perform rating on Brady Corp. (NYSE: BRC), but lowered its price target from $35.00 to $33.00.
BMO Capital noted, “Management lowered FY2013 organic revenue growth guidance to ‘flat' from ‘low single digit,' though EPS guidance of $2.20-$2.40 was maintained. The Americas remains the relatively strong region, Asia Pacific is impacted by a slow down in Australia, and Europe continues to deteriorate. Our FY2013 EPS estimate is maintained at $2.30. We are lowering our FY2014 EPS estimate to $2.50 from $2.65. We are introducing a FY2015 EPS estimate of $2.72. We are lowering our price target to $33 from $35.”
Brady Corp. closed on Friday at $30.89.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.