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UBS Warburg Cuts Emerson Electric to 'Hold'

UBS Warburg downgraded Emerson Electric (EMR) to hold from buy.

Analyst John Baliotti says he expected more improvement in orders over January. He says Electronics & Telecom (E&T) segment orders fell 30%+, reflecting continued weakness in the computing and telecom equipment markets. He expects E&T orders to remain weak but had also expected other segments to show a more pronounced recovery. Baliotti cut his $3.00 fiscal 2002 (Sept.) EPS estimate to $2.85, reflecting a more muted demand recovery in end-markets for the balance of fiscal 2002; he cut his $3.45 fiscal 2002 estimate to $3.25 and cut the $67 12-month target to $62.

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