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UPDATE: Oppenheimer Raises PT to $31 on Barnes Group on Planned Divestiture

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Oppenheimer maintained Barnes Group (NYSE: B) with a Perform rating and raised the price target from $27.00 to $31.00.

Oppenheimer noted, "B's announced planned divestiture of BDNA stole the day (shares up 15% last Friday), with expected after tax proceeds reflecting about 1.33x sales and (we estimate) 17x EBIT. … We are maintaining our '13E EPS of $2.15, establishing '14E EPS of $2.35, and raising PT to $31 from $27, targeting 13x '14E EPS, consistent with current multiple on '13E. 2012 was a milestone strategic year for B, and we note potential conservatism on our target multiple."

Barnes Group closed at $28.10 on Friday.

Latest Ratings for B

Jul 2015JefferiesMaintainsBuy
Apr 2015JefferiesMaintainsBuy
Jan 2015Deutsche BankMaintainsBuy

View More Analyst Ratings for B
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