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The company reported strong results in the most recent quarter, driven by continued strength in the non-U.S. markets. It also surpassed the Zacks Consensus Estimate by $0.36 during the quarter.
These factors have led us to continue with our Outperform recommendation. Our $89 target price, 17.8X 2010 EPS (trailing 12-month P/E is 18.8), reflects this view.
Bear of the Day BB&T Corporation (BBT) - We are downgrading our recommendation on BB&T (BBT) to Underperform based on concerns related to rising non-interest expenses and deteriorating credit quality.
Second quarter 2010 earnings were in line with the Zacks Consensus Estimate. A higher non-interest expense was among the negatives. Current challenges related to housing market and pressure on the credit quality raise concerns on near-term growth.
Our six-month target price of $21.00 per share equates to about 17.9x our earnings estimate for 2010. Combined with the annual dividend of $0.60 per share, this price target implies an expected negative total return of 7.5% over that period.
Analyst Interviews Metals and Mining Review - Sept. 2010 With Zacks Equity Research While the slow economic recovery is a significant factor in short-term decisions regarding M&A activity, mining companies expect to make acquisitions over the next three years.
Zacks Industry Rank Analysis Wrong Way on Wall St. By Dirk Van Dijk One of the worst bets on Wall Street right now could be Wall Street itself.
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Performance information for other Zacks’ portfolios and strategies is available at: http://www.zacks.com/performance
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