UPDATE: BMO Capital Markets Reiterates Outperform Rating, Raises PT on Newell Rubbermaid
In a report published Wednesday, BMO Capital Markets reiterated its Outperform rating on Newell Rubbermaid (NYSE: NWL), and raised its price target from $24.00 to $26.00.
BMO Capital Markets noted, “Positive. NWL is a GARP investment. Guidance and results have been consistent for the last year, and we expect the outlook to be conservative. No changes to our estimates of $1.70 in 2012, $1.87 in 2013, and $2.10 in 2014. We established a 2015 estimate of $2.35. We raised our price target to $26 (from $24) based on the assumption NWL trades at 13.5x our 2013 estimate of $1.87, near its 10-year average of 13x. Maintain Outperform rating.”
Newell Rubbermaid closed on Tuesday at $21.92.
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