Emerson Electric reinstated with an Equal Weight at Barclays

Barclays reinstated coverage of Emerson Electric with an Equal Weight rating and $105 price target. The analyst estimates the company’s organic orders will decline slightly over the near-term and that its that organic sales growth will slow to a mid-single-digit rate in fiscal 2024 after 10% in 2023. Emerson shares are trading in-line with peers on most metrics, which looks appropriate as its “portfolio gyrations somewhat offset the strong margin profile of the business,” the analyst tells investors in a research note.