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CSFB Hikes Pall Corp. Rating

CS First Boston upgraded its investment rating on Pall Corp. (PLL) to strong buy from buy. On Feb. 27, the company posted $0.15 vs. $0.24 second quarter EPS.

Analyst Alan Pavese says the second quarter was in line with pre-announced figures. Pavese says shareholder churn issues and cyclical margin pressures that hammered Pall are both likely to abate in coming quarters and he expects shares to recover back into mid-$20s. He says firming demand conditions lead him to believe this may mark cycle lows in profitability. Pavese raised his $0.79 fiscal 2002 (July) EPS estimate to $0.80, and his fiscal 2003 forecast from $0.90 to $0.95. He also hiked his $22 12-month price target to $24.

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