UPDATE: Bank of America Cuts PO to $60 on Pall Corporation on Industrial End-Market Weakness
Bank of America reiterated its Neutral rating on Pall Corporation (NYSE: PLL) and lowered its price target from $62 to $60.
Bank of America noted, "Industrial sales are now projected to be down in the low to mid single-digit range due to additional end market deterioration (eg, microelectronics, machinery equipment, municipal water, and Asia sales (-7% in 1Q13)) and destocking as customers continue taking a cautious stance. While we are encouraged by the margin expansion progress so far (the Industrial segment Q1 margin was up ~200bp excluding mix benefit), with the macro-economic climate still challenging and shares already trading at a premium (~19x FY13 est. vs. 18.5x average since 2007 vs. 16x for our life sciences coverage universe), we maintain our Neutral rating."
Pall Corporation closed at $59.38 on Thursday.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.