UPDATE: Goldman Sachs Reiterates Neutral Rating, Raises PT on Emerson Electric

In a report published Wednesday, the Goldman Sachs Group reiterated its Neutral rating on Emerson Electric

, and raised its price target from $50.00 to $53.00. Goldman Sachs noted, “EMR FY3Q results revealed a continued mixed outlook, with some improvement at the margin, in our view. Process Management (about 30% of revenues, but 40% of profit) beat top-line and margin expectations with good execution and order growth remains quite strong, enhancing visibility on double digit organic revenue growth in FY13, in our view. Network Power (25% of revenues, but 15% of profit) continues to be impacted by internal (Embedded Power restructuring) and external (Telecom capex, share loss in Europe) headwinds that will linger into FY13, but beat our margin forecast. Restructuring should moderate in Embedded Power and likely declines for Network Power overall in FY13.” Emerson Electric closed on Tuesday at $49.79.