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.
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Published first on TheFly
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