UPDATE: Oppenheimer Holdings Initiates Coverage on CLARCOR with Perform Rating

In a report published Friday, Oppenheimer Holdings initiated coverage on CLARCOR 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.