UPDATE: Bank of America Color On TNB Upgrade

Bank of America, which upgraded shares of Thomas & Betts Corp. TNB, is providing some color on the stock. “We are raising our operating EPS estimates from $3.30 to $3.40 this year (compares to company guidance of $3.15-$3.35) and from $3.80 to $4.10 next year,” Bank of America writes. “Our estimate increases reflect moderately stronger top-line contribution from industrial and utility end markets, coupled with better profit conversion. “While we still believe overall construction markets may remain relatively lackluster for the next 6-12 months, we are encouraged that construction markets appear to have bottomed.” Thomas & Betts closed Tuesday at $57.68.