Citi Resumes Emerson (EMR) at Buy

Citi analyst Andrew Kaplowitz resumes coverage on Emerson (NYSE: EMR) with a Buy rating and a price target of $132.00.

The analyst comments "We’re renewed our rating after a period of Rating Suspended on EMR with a Buy rating and a $132 target price given what we view as a favorable position in markets with still positive underlying long-term fundamentals (despite increased near-term uncertainty) coupled with a strong track record of operational execution that we think should drive outsized financial returns over time. In the near-term, we wouldn’t be surprised if sluggishness in EMR’s discrete automation end markets were somewhat more persistent vs. prior expectations, but relative strength in hybrid and process automation end markets remains encouraging. Continued global investment in end markets such as Power and Energy, in which we view EMR as being competitively advantaged, we think should remain tailwinds for the company and, with Aspen Technologies now fully consolidated, we see incrementally more focused execution of EMR’s software strategy could as a potential L-T tailwind to growth and profitability."

For an analyst ratings summary and ratings history on Emerson click here. For more ratings news on Emerson click here.

Shares of Emerson closed at $111.93 yesterday.

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