We are upgrading our recommendation on
) based on its high earnings visibility, strong product portfolio,
consistent cash generation, disciplined investment and limited
balance sheet risk, which enables it to be one of the most dynamic
companies in the industry.
The company's fourth quarter earnings surpassed the Zacks Consensus
Estimate, reflecting momentous performance in its core business,
higher volumes and strong expense management that drove the top-
and bottom-line along with the margins and cash flow. The company
is growing through strategic acquisitions, product novelty and
expansion into the globally emerging markets.
In the long run, these factors are expected to consistently deliver
strong shareholder value, although some caution is maintained based
on the impact of regulations and uncertain industry trends. Our
six-month target price of $166.00 equates to about 20.6x our
earnings estimate for 2012.
): Free Stock Analysis Report
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