Fly News Breaks for February 18, 2020
Feb 18, 2020 | 06:19 EDT
RBC Capital analyst Deane Dray downgraded Emerson to Sector Perform from Outperform with a price target of $74, down from $85. The analyst says the discussion at the company's analyst meeting last week "postpones" his bull case calling for a breakup, with Emerson now entering a "cost reset" mode that focuses more on restructuring than growth strategy. Dray adds that the impact of coronavirus poses a headwind, while its medium-term targets could be seen as ambivalent due to the retirement of its CEO and CFO next year.
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