UPDATE: Deutsche Bank Initiates Coverage on Barnes Group on Favorable End-Market Developments, Solid Execution
In a report published Thursday, Deutsche Bank analyst Amit Mehrotra initiated coverage on Barnes Group (NYSE: B) with a Buy rating and $41.00 price target.
In the report, Deutsche Bank noted, “We see 25% upside in shares of Barnes on the back of a reacceleration of growth in commercial aero (40% of sales), and solid growth prospects from continued recovery in the company's industrial markets (60% of sales), where half the company's exposure is to the fast-improving global automotive markets. These favorable end-market developments and solid execution drive our forecast for 28% EPS growth this year (on top of 14% EPS growth in 2012) and 16% EPS growth in 2014.”
Barnes Group closed on Wednesday at $32.49.
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