Emerson Electric could see solid gains going forward, driven by strong fundamentals and corporate discipline, according to Morgan Stanley.
Analyst Joshua Pokrzywinski named the manufacturing company a top pick. The analyst has a price target of $96 per share on the stock, which represents 16% upside from Monday's close. "We see strong idiosyncratic risk/reward for EMR in a sector where fundamentals continue to decouple from macro indicators," Pokrzywinski said in the Monday note. "We believe EMR shares have multiple ways to win with the key cyclical and strategic risks looking less probable.
However, the stock posted annual gains in the last four years — including a 3.3% increase in 2022. Last year, the S & P 500 tumbled more than 19%. EMR YTD mountain Emerson Electric is a top pick for Morgan Stanley on strong fundamentals and its pursuit of National Instruments. Morgan Stanley also thinks Emerson will avoid overpaying for National Instruments thanks to "a better view on discipline and more constructive view on synergy potential" from Emerson management.
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