UPDATE: Oppenheimer Raises PT to $31 on Barnes Group on Planned Divestiture

Oppenheimer maintained Barnes Group

with a Perform rating and raised the price target from $27.00 to $31.00. Oppenheimer noted, "B's announced planned divestiture of BDNA stole the day (shares up 15% last Friday), with expected after tax proceeds reflecting about 1.33x sales and (we estimate) 17x EBIT. … We are maintaining our '13E EPS of $2.15, establishing '14E EPS of $2.35, and raising PT to $31 from $27, targeting 13x '14E EPS, consistent with current multiple on '13E. 2012 was a milestone strategic year for B, and we note potential conservatism on our target multiple." Barnes Group closed at $28.10 on Friday.