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UPDATE: Oppenheimer Holdings Initiates Coverage on CLARCOR with Perform Rating

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In a report published Friday, Oppenheimer Holdings initiated coverage on CLARCOR (NYSE: CLC) with a Perform rating.

Oppenheimer noted, “We are initiating coverage of CLARCOR Inc. (CLC) with a Perform rating. CLC is a global provider of filtration solutions operating three lines of business: 1) Engine / Mobile Filtration, 2) Industrial / Environmental Filtration, and 3) Packaging. Roughly 92% of sales are tied to providing air and liquid filtration solutions to the heavy-duty engine, auto, aerospace, dust collection, and energy markets, as well as other C&I applications. E/M makes up 45% of sales but 62% of profits, and represents the key driver of CLC shares, in our view. That said, we believe CLC's 80% aftermarket (replacement products) concentration and deep distributor relationships provide a relatively reliable revenue stream longer term.”

CLARCOR closed on Thursday at $45.83.

Latest Ratings for CLC

DateFirmActionFromTo
Dec 2016DowngradesHoldSell
Sep 2016MaintainsNeutral
Jun 2016AssumesNeutral

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Posted-In: Oppenheimer HoldingsAnalyst Color Initiation Analyst Ratings

 

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