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UPDATE: KeyBanc Upgrades EMCOR Group to Buy on Strong Execution

Related EME
Benzinga's Top Downgrades
Earnings Scheduled For February 25, 2016
EMCOR beats by $0.08, beats on revenue (Seeking Alpha)

KeyBanc upgraded EMCOR Group (NYSE: EME) from Hold to Buy and announced a $45.00 price target.

KeyBanc noted, "We are upgrading our rating on EMCOR Group, Inc. (EME-NYSE) to BUY from HOLD as we see a sustainable inflection in EME's more cyclical commercial operations (nonres) alongside continued strong execution and cost discipline, and what we consider to be conservatively placed 2013 guidance. We are setting our price target at $45, which assumes a 17x P/E multiple on our 2013 EPS estimate of $2.35 and an add-back of $5 in net cash/per share – we view our multiple assumption as reasonable as it represents a discount to peak multiples of 24-25x seen in 2006."

EMCOR Group closed at $37.85 on Tuesday.

Latest Ratings for EME

Jul 2016KeyBancDowngradesOverweightSector Weight
Feb 2016DA DavidsonDowngradesBuyNeutral
Jan 2016Stifel NicolausAssumesBuy

View More Analyst Ratings for EME
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Posted-In: KeyBancAnalyst Color Upgrades Analyst Ratings


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