UPDATE: Monness Crespi Hardt Downgrades Leggett & Platt to Neutral on March Quarter Preview

In a report published Friday, Monness Crespi Hardt analyst Herb Hardt downgraded the rating on Leggett & Platt

from Buy to Neutral. In the report, Hardt noted, “The March Quarter should be in line with MCH and consensus EPS estimates of $0.38 per share versus $0.30 per share last year on a 4-5% increase in sales. The results of the restructuring efforts over the past few years were apparent in the December Quarter when operating earnings were $0.32 per share versus a $0.22 per share comparison. Revenues in that December quarter were essentially flat, but margins improved in all divisions. At 21x the $1.65 per share estimate for this year and 16x the $2.00 per share estimate for 2014, the stock is considered fairly valued at this point, and is therefore being downgraded to a neutral rating. On a long term basis LEG is still an excellent holding, but new purchases should be made on price weakness.” Leggett & Platt closed on Thursday at $31.93.