In a report published Wednesday, Citigroup reiterated its Buy rating on Emerson Electric Co. EMR, and raised its price target from $55.00 to $57.00.
Citigroup noted, “We are increasing our target price from $55 to $57 to reflect our shift in our sector valuation. We continue to assume the large-cap MI-EE group should trade for 14.0x EPS, but are now applying this to our 2013 EPS estimates instead of the blend of 2012/2013 that we used previously. Our EMR target continues to assume the shares trade for a 5% premium to the target group multiple, just below the midpoint of its 0% to 15% historical relative range.”
Emerson Electric Co. closed on Tuesday at $9.84.
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