Credit Suisse said Electrical Equipment and Multi-Industry Q2 organic sales remain very subdued, and have actually softened to-date relative to Q1. Given this datapoint and cautious commentary from various companies, the firm lowered Q2 and 2015 estimates for select companies in the group. Credit Suisse believes the subdued outlook and earnings risk is fairly reflected in share prices of Kennametal (KMT), Dover (DOV), and Eaton (ETN) but believes higher multiple stocks such as Lennox (LII), 3M (MMM), and Rockwell Automation (ROK) have a higher degree of risk.

Consensus $19.72. Backs FY24 revenue up 7%, consensus $5.12B. Sees FY24 free cash flow $500M-$600M.