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Baird Ups Gehl to Outperform from Neutral


Robert W. Baird raised its investment recommendation on Gehl (GEHL) to outperform from neutral.

Monday the company posted 47 cents third quarter earnings per share. Analyst Robert McCarthy says that despite the third quarter earnings per share shortfall that was announced, he doesn't believe the stock's significant share price decline on Monday was warranted. He says management's unchanged outlook suggests that fundamentals remain intact: exposure to secular growth of compact construction equipment is leveraged by the company's materially improved balance sheet and co-specific growth initiatives. He trimmed his 2006 earnings per share estimate by 5 cents to $2.15 to reflect modestly slower forecast sales growth and operating margins. He adjusted his $33 price target to $31.


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