UBS analyst Chris Snyder upgraded Emerson Electric (EMR) to Buy from Neutral with a price target of $97, down from $100, following the January 4 downgrade. The firm finds the recent derating overdone, and while UBS has been critical of a potential National Instruments (NATI) deal, thinks the market-implied $10B value erosion "seems excessive," the analyst tells investors in a research note. Assuming an $8B acquisition of National Instruments, the firm’s math suggests Emerson still has $4B incremental dry powder.
Published first on TheFly
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Read More on EMR:
- Emerson Electric price target lowered to $105 from $115 at Cowen
- Argus cuts Emerson Electric to Hold, sees ‘problematic’ recent trends
- Emerson Electric downgraded to Hold from Buy at Argus
- Deutsche Bank keeps Hold on Emerson Electric, lowers price target to $93
- Emerson Electric backs FY23 adjusted EPS view $4.00-$4.15, consensus $4.08
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