Bloomberg the Company

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Follow Us

Industry Products

Markets & Finance

CSFB Ups Rating on Black & Decker to Buy


Credit Suisse First Boston upgraded its investment recommendation on shares of tool and small appliance maker Black & Decker (BDK) to buy from hold.

Analyst Ivy Zelman says the company's sales and earnings will likely bottom by the end of the first half of 2001. She says industry sources indicate lower inventory levels at retail have resulted in a recent pickup in order activity. Furthermore, Zelman believes the Fed's rate cuts, a substantial boom in refinancing, and a likely tax cut should drive acceleration in earnings growth. She says that if a soft landing scenario plays out as expected, demand should reaccelerate in mid-2001 as more liquidity gets injected into the economy. Lastly, the analyst believes the company should benefit from a new product launch in the second half of 2001.

Zelman sees EPS of $3.53 in 2000 and $3.75 in 2001. She has a $56 12-month price target.


The Aging of Abercrombie & Fitch
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus