J.P. Morgan Raising Estimates On Newell Rubbermaid (NWL)

J.P. Morgan is boosting its earnings estimates on shares of Newell Rubbermaid Inc. (NYSE: NWL) after the tupperware maker reported better than expected earnings. It rates shares at Overweight and has a $20 price target.

In a note to clients, J.P. Morgan writes, "NWL posted better than expected Q2 normalized EPS of $0.51 (vs. our on-consensus estimate of $0.44), with upside driven by better than expected gross margin and a lower tax rate, which offset slightly weaker top line growth. While top line growth came in weaker in the quarter, we were encouraged by the increase in core sales guidance for the year. We think management sounded more positive and confident on the call and we have confidence that their business model will deliver strong results in the back half of the year despite the macro headwinds."

Shares of Newell Rubbermaid Inc. are up this morning, up 4.3% to $16.17.