Emerson cuts FY13 EPS to $3.48-$3.58 from $3.53-$3.68, consensus $3.59 After a weaker than expected February and March, orders in April continued to trend downward, reflecting further deterioration in business confidence. There is no clear catalyst to improve global economic growth over the next six to nine months.
Emerson downgraded at BofA/Merrill As previously reported, BofA/Merrill downgraded Emerson to Underperform from Neutral. The firm reduced forecasts below consensus based on expectations Process organic growth will decline in 2016 and 2017 and pressure the stock multiple. Price target lowered to $62 from $66.