JP Morgan Raises Estimates for Pall (PLL)

JP Morgan raised Pall Corporation's PLL F2010 EPS forecast from $2.00 to $2.05. F2011 and 2012 estimates were reduced from $2.35 to $2.20 and $2.85 to $2.55 respectively due to the weakness of the Euro versus the dollar. JP Morgan said, "We rate Pall Corp. Neutral for year-ahead performance. Pall shares do not seem inexpensive at this juncture due in part to Merck’s bid for Millipore and Pall’s own improved margin performance. Trading at 9.7x EBITDA for F2010E and 9.5x for F2011E, and above the valuations of both Praxair and Ecolab, we would await more opportune entry points before establishing new positions in the shares." JP Morgan's price target for Pall is $35.00. PLL is currently trading at $36.81.