Jefferies Has Buy On Donaldson

Jefferies & Co. is out with a research report on Donaldson

and it has a Buy rating and a $71 price target on shares. In a note to clients, Jefferies & Co. writes, "Q4 EPS of $0.84 was $0.05 above consensus and $0.08 above our estimate as sales increased 21% (13% price/volume, 8% F/X). Segment income was $0.09 above our forecast. Lower corporate and unallocated was a $0.01 tailwind, higher other income was a $0.03 tailwind, with a $0.02 headwind from higher taxes (including a $0.03 benefit due to one-time tax items). Gross margins were flat YoY. The company's FY12E range of $3.15-$3.45 assumes modest global GDP growth (decelerating from FY11) and 2-4% market share gains." Shares of DCI gained $4.00 yesterday to close at $57.61.