UPDATE: Nomura Reiterates Buy Rating, Lowers PT on Emerson Electric Co. on Reduced FY15 Estimates - Emerson Electric (NYSE:EMR)

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In a report published Thursday, Nomura analyst Jonathan Wright reiterated a Buy rating on

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Emerson Electric Co.

(NYSE: EMR), but lowered the price target from $74.00 to $67.00.In the report, Nomura noted, “Ahead of the group's F1Q15 results and February analyst day, we are updating our earnings estimates to account for: 1) slower organic growth in Process in 2H15E; and 2) intensifying FX headwinds, now expected to deduct 4–5% from the top line in FY15 (versus prior ~2%). Our revised target price is based on ~16x our FY16 estimate of $4.15. Emerson has been a serial underperformer for some time. As such, with earnings growth expectations set low and sentiment very weak, we see a compelling value opportunity for what is one of the better run, higher return and higher yielding companies in the multi-industrial space.”Emerson Electric Co. closed on Wednesday at $56.23.