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UPDATE: BMO Capital Raises PT on Brady Corp. after Adjusted Estimates

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In a report published Monday, BMO Capital Markets reiterated its Market Perform rating on Brady Corp. (NYSE: BRC), and slightly raised its price target from $34.00 to $35.00.

BMO Capital Markets noted, “We are adjusting our estimates to reflect Brady's latest results...Our FY2013, FY2014, and FY2015 EPS estimates decrease to $2.20, $2.55, and $2.72 from $2.31, $2.63, and $2.88, respectively. We are adjusting our price target to $35 from $34. On an EV/EBITDA basis, BRC shares trade at 8.2x our CY2013 EBITDA estimate of $249 million and at 7.7x our CY2014 EBITDA estimate of $266 million; we assume BRC can trade at a multiple of 8.5x our estimated CY2013 EBITDA and at a multiple of 8.0x our estimated CY2014 EBITDA.”

Brady Corp. closed on Friday at $33.98.

Posted-In: BMO Capital MarketsAnalyst Color Price Target Analyst Ratings


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