Wells Fargo upgrades Emerson Electric to Overweight, raises price target to $105

As previously reported, Wells Fargo analyst Joseph O’Dea upgraded Emerson Electric to Overweight from Equal Weight with a price target of $105, up from $90. The firm sees underappreciated value following significant portfolio changes. Uncertainty has been a 2-year-plus overhang, Wells notes. That’s now reduced, leaving attractive upside on historical relative valuation, and more on execution that can drive relative valuation expansion, the firm adds. Bottom-line, Wells thinks a more focused portfolio today is more attractive than what Emerson Electric was two years ago.