In a report published Monday, J.P. Morgan reiterated its Neutral rating on Pall Corporation PLL, and raised its price target from $60.00 to $69.00.
J.P. Morgan noted, “We rate Pall Neutral for year-ahead performance. We think that Pall Corporation is a well-managed business with good growth prospects. We do not view Pall's shares as inexpensive at the current price. Pall's businesses have excellent market share positions and high gross margins. Management is intent on improving the cost structure and we would expect it to make good progress over time. Pall stock now trades at 12.7x F2013 EBITDA (including net pension liabilities) with a 3.1% free cash flow yield and a return on capital of 13.3% which places it at the higher end of the Materials companies we cover.”
Pall Corporation closed on Friday at $67.61.
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