Citi Downgrades Rating To Hold, Reduces PT To $70 On CBE
Citi has downgraded its rating on Cooper Industries plc (NYSE: CBE) from Buy to Hold and has decreased its PT from $74 to $70 based upon media reports of an upcoming take-out.
In the report, Citi writes, “In our view, the shares no longer have compelling near-term upside beyond a take-out scenario, and we are not comfortable recommending the shares predominantly on the basis of potential M&A. We are still positive on Cooper's positioning in attractive electrical end markets and prospects for beats and raises through 2011, but believe potential operating upside is adequately reflected in the shares, which are now trading close to the high-end of the historical relative P/E valuation range. We are maintaining our above-consensus estimates and reducing our target by $4 to $70, which leaves 7% upside.”
CBE closed at $66.43 on Friday.
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Posted-In: Citi Cooper Industries plcAnalyst Color Downgrades Price Target Analyst Ratings