W.W. Grainger (GWW) - Bull of the Day

W.W. Grainger's (GWW) third quarter adjusted EPS improved 32% year over year while revenues jumped 19%; both outperforming Zacks Consensus Estimates. For fiscal 2010, Grainger maintained its sales growth guidance in the range of 14% to 15% and raised its EPS guidance.

For fiscal 2011, Grainger forecasts EPS between $7.15 and $7.90, driven by 5% to 9% growth in sales. Grainger remains focused on expanding its product offering and has the financial flexibility to further invest in growth opportunities, increase dividends and reinvest capital through share repurchases.

Gradually improving economic activity, market share gains, benefits from growth investments, share repurchases and acquisition accretion should lead to strong earnings growth in 2011. We maintain our Outperform rating with a target price of $162.
 
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