UPDATE: Oppenheimer Lowers PT on Thomas & Betts to $64

Oppenheimer is out with its report today on Thomas & Betts TNB, lowering its PT to $64 from $71. In its report, Oppenheimer writes, "We are reducing our PT to $64 from $71, based on 16x '12E EPS of $4.05, in line with the lower end of TNB's and peer group's historical mid-cycle multiple range (16-18x). Our price target indicates upside potential of approximately 64% from current levels. TNB currently trades at 11.4x our 2011E EPS and 9.4x our '12E EPS." Oppenheimer maintains Outperform on TNB. Shares of TNB closed Monday at $37.95, down 0.65% from Friday's close.