UBS downgraded Emerson Electric to Neutral from Buy with a price target of $104, up from $97. The stock’s valuation now screens full based on a sum-of-the-parts analysis, the analyst tells investors in a research note. The firm believes consensus numbers are going higher, but its concern is valuation. It thinks Emerson’s multiple upside is capped “due to outsized O&G exposure and unclear M&A valuation creation.”
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