New York, September 19 (FinanceEnquiry.com) – Analysts at Bank of America upgrade their rating on the shares of Pall Corporation (NYSE: PLL) from UNDERPERFORM to NEUTRAL. The 12-month price objective has been raised from $52 to $65.
In a research note published on September 18, the analysts mention that with highly stronger than anticipated local currency revenue growth i.e., 6.4 percent against the estimated -0.5 percent, Pall Corporation rebounded robustly in fiscal fourth quarter from its miss of third quarter due to the implementation issues of ERP system.
In addition to this, the rebound in order growth is believed signifying a more positive scenario than the anticipation when coverage was initiated in the month of June, even though management of Pall Corporation still has a watchful macro outlook
Also, downside EPS protection in the case that the economy slows more than anticipated seems to have offered by share repurchase capabilities of the company and moreover this, its cost cutting initiatives seem absolutely well on schedule in order to deliver margin expansion, the analysts add further.
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