UPDATE: Credit Suisse Reiterates Outperform Rating, Raises PT on Pall Corporation

In a report published Friday, Credit Suisse reiterated its Outperform rating on Pall Corporation PLL, and raised its price target from $64.00 to $73.00. Credit Suisse noted, “What to do with PLL shares? Buy more. We believe the restructuring story is in early innings and there is significant value creation opportunities longer term via the under levered balance sheet. PLL reported FQ4 EPS of $0.86 versus our estimate of $0.78 and consensus of $0.77. Results excluded $0.22 of restructuring and other costs. The beat derived from strong margin expansion (especially in industrial) despite a small miss on the revenue side. Pall established FY13 guidance of $3.05 to $3.25 versus our estimate of $3.15 and consensus of $3.14. Our FY13 estimate remains at $3.15. We are establishing our FY14 estimate at $3.72. We are also raising our target price to $73 (from $64) based on greater confidence on structural cost takeout. The target price was based on a normalized EPS of $3.75 and a 19.5x multiple.” Pall Corporation closed on Thursday at $62.80.