UPDATE: ISI Group Upgrades Danaher Corporation to Buy, Raises PT

In a report published Monday, ISI Group upgraded its rating on Danaher Corporation DHR to Buy, and raised its price target from $61.00 to $64.00. ISI Group noted, “As part of ISI's ratings system change, we have established a Buy rating on shares of Danaher (vs. our previous rating of Market Weight), with a price target of $64.00 (up from $61.00) representing ~11x FY13 EBITDA and ~18x FY13 EPS. We believe this change of opinion is warranted given accelerating growth from DHR's leverage to the emerging markets (particularly China), potential capital deployment upside from superior free cash flow conversion (that has included a long-term measured acquisition strategy), and strong OM expansion stemming from DBS contributions as well as revenue acceleration.” Danaher Corporation closed on Friday at $58.09.