Mizuho upgraded Emerson Electric to Buy from Neutral with a price target of $118, up from $95. The analyst cites rising market multiples and Emerson’s re-rate prospects for the upgrade. The company’s “transformational portfolio actions” are now in full motion, driving an upshift in growth, and its margins should begin to differentiate in 2024, the analyst tells investors in a research note. The firm says the bear arguments are now well understood.
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