UPDATE: Oppenheimer Downgrades Emerson to Perform on Lack of Catalysts to Growth
Oppenheimer reduced its rating on Emerson (NYSE: EMR) from Outperform to Perform and lowered its price target from $57 to $53.
Oppenheimer commented, "We are downgrading shares of EMR to Perform from Outperform, based on lack of high conviction catalysts to drive multiple expansion, and nearterm risk associated with exposure to capital spending. Initial guidance outlook for msd-hsd EPS growth appears a potentially more opportunistic backdrop for expectations, but does include a combined 17c headwind from pension and overlapping stock compensation plans (partially offset by ~6c favorable from lower restructuring spend, and material restructuring benefits)."
Emerson closed at $48.36 on Monday.
Latest Ratings for EMR
|Aug 2016||Buckingham Research||Downgrades||Neutral||Underperform|
|Aug 2016||Credit Suisse||Downgrades||Outperform||Neutral|
|Aug 2016||Deutsche Bank||Maintains||Hold|
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.