UPDATE: Deutsche Bank Reiterates, Raises PT on Barnes Group on Raised Estimates Ahead of Manner Acquisition
In a report published Monday, Deutsche Bank analyst Greg Poole reiterated a Buy rating on Barnes Group (NYSE: B), and raised the price target from $41.00 to $42.00.
In the report, Deutsche Bank noted, “Raising '14/'15 estimates on Manner acquisition. Despite the modest 3Q miss, we are raising our 2014 and 2015 revenue and earnings forecasts for Barnes on the inclusion of the soon-to-be-closed (Oct. 31) Manner acquisition, offset by slightly lower aero aftermarket sales (due solely to a lower '13e base) and higher tax rate. Our 2014 EPS estimate moves to $2.35 (from $2.25 and consensus of $2.19) and our 2015 EPS estimate is now $2.60 (from $2.47 and consensus of $2.49). Our price target moves to $42 (from $41) on the higher earnings outlook. Mgmt will hold a special conference call in the next two weeks to discuss Manner in more detail, which we think should be a positive catalyst for the stock. Reiterate Buy.”
Barnes Group closed on Friday at $35.83.
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