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Wachovia Ups Rating on Goodrich

The board of directors of Goodrich (GR) approved a special stock dividend of EnPro Industries shares. Wachovia upgraded Goodrich shares to buy from hold.

Analyst Sam Pearlstein says the EnPro spin-off should improve Goodrich's multiple. He says Goodrich trades at a discount to its peers. Pearlstein thinks any weakness from an expected dividend cut to $0.80 per year from $1.10 may be an opportunity for investors. He assumes no value for EnPro, as he expects asbestos liabilities could offset its value; any positive value should increase shareholders' overall investment value. Therefore, he believes investors are better served by owning the stock prior to the spin-off. The analyst believes Goodrich shares will trade in line with those of its competitors within several quarters. He has a $40 price target on Goodrich shares.

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