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JP Morgan Ups Opinion on Kronos


JP Morgan raised its investment recommendation on Kronos (KRON) to overweight from neutral.

Analyst Paul Coster also raised his 56 cents fourth quarter earnings per share estimate to 59 cents, and his $148.1 million revenue estimate to $148.9 million, which puts him at the top end of the company's fourth quarter guidance and 2 cents above the consensus. He cited three reasons: 1) The ASIS ASIS International conference in Orlando, Florida last week revealed strong interest in KRON 4500 for access control; 2) the company's fourth quarter quarter over quarter gm improvement averages 210 basis points over the last eight years, and is replicable assuming a strong year-end; 3) the company's acquisition of CTR dealership should add $10 million in sales, and be 2 cents accretive in fiscal year 2006 (ending September). The analyst upgraded the stock as its shares trade at a 17% discount to its mean 2-year next twelve months p-e. The analyst sees $1.87 fiscal year 2006 earnings per share (ending September.)


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