Gabelli & Co. Maintains Buy on Thomas & Betts

Gabelli & Co. reiterates its Buy rating on Thomas & Betts TNB as the company is seen as a "smart-grid" play. Gabelli's 2012 PMV on the company is $76. Gabelli & Co. says, "Global electrical products industry is at an early stage of a multi-year growth cycle, driven by smart grid investments both in the developed and emerging economies, and increased industrial demand for electrical products driven by the need for energy efficiency and aging infrastructure. Underscoring our belief, the Electric Power Research Institute estimates U.S. smart-grid investments will average roughly $20 billion a year over the next 20 years. Likewise, China will spend nearly $300 billion over the next five years on electricity infrastructure, including $50 billion on smart grid." TNB closed at $51.10 a share on Friday.