J.P. Morgan Raises Estimates On PLL

J.P. Morgan is maintaining its Neutral rating and its $57 price target on Pall Corp. PLL as it raises estimates on the company. Says J.P. Morgan, in its report, “We raise our F2012 and F2013 estimates for Pall Corporation following the company reporting solid 3Q:F11 EPS results. PLL appears to remain on track to report full-year 2011 EPS toward the upper end of its guidance of $2.80-$2.90, consistent with our $2.90 estimate. We believe Pall is fairly valued, trading at an EV/EBITDA multiple of 9.3x based on our F2012 estimates versus a peer range of 6.0x-11.5x (an average of 8.9x). We would look for a more favorable price point to enter Pall shares.” PLL closed yesterday at $53.31.