Nomura Securities on U.S. Industrials: Q3 Preview
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Price: $208.45 -0.79%
Rating Summary:
19 Buy, 10 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 17 | Down: 23 | New: 12
Rating Summary:
19 Buy, 10 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 17 | Down: 23 | New: 12
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Nomura Securities on U.S. Industrials: Q3 Preview
Nomura analyst, Shannon O’Callaghan, said, "We expect increased short-cycle weakness and cautious guides but continue to like Dover (NYSE: DOV), Honeywell (NYSE: HON) and Danaher (NYSE: DHR). So far we’ve had two pre-announcements, Cooper (NYSE: CBE) and Ingersoll-Rand (NYSE: IR), with CBE down ~1% on the day of the pre-announcement vs IR down ~12%. We think CBE is likely a better indicator of how stocks might react to modest misses, while IR reflects a deeper disappointment. We think trends in the commercial aerospace aftermarket have remained positive, which is favorable for HON, although we do expect flight hour growth to slow. At DOV, we expect Energy to be an area of strength and see the story as intact; while there will be some noise around construction divestitures and Sound Solutions dilution. HON is set up solidly as it raised its EPS guidance intra-quarter. DHR appears to be executing given an in line intra-quarter update. We remain most cautious on 3M given a significant slowdown in global growth."
Nomura analyst, Shannon O’Callaghan, said, "We expect increased short-cycle weakness and cautious guides but continue to like Dover (NYSE: DOV), Honeywell (NYSE: HON) and Danaher (NYSE: DHR). So far we’ve had two pre-announcements, Cooper (NYSE: CBE) and Ingersoll-Rand (NYSE: IR), with CBE down ~1% on the day of the pre-announcement vs IR down ~12%. We think CBE is likely a better indicator of how stocks might react to modest misses, while IR reflects a deeper disappointment. We think trends in the commercial aerospace aftermarket have remained positive, which is favorable for HON, although we do expect flight hour growth to slow. At DOV, we expect Energy to be an area of strength and see the story as intact; while there will be some noise around construction divestitures and Sound Solutions dilution. HON is set up solidly as it raised its EPS guidance intra-quarter. DHR appears to be executing given an in line intra-quarter update. We remain most cautious on 3M given a significant slowdown in global growth."
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