JPMorgan is eyeing a key engineering stock to grow once recent mergers and acquisitions run their course through the company.
Emerson Electric is on the verge of a turnaround, according to JPMorgan. The firm upgraded shares of Emerson to overweight from neutral in a Tuesday note and raised its price target to $107 from $83. JPMorgan's new forecast implies roughly 13% upside from Monday's $95.06 close. The multinational is headquartered in Missouri and .
"After a decade long rolling reset, visibility around positive earnings revisions is now as good as its been since the 2003-2008 super cycle," Tusa said in a note. "We see an attractive GARP set up as the dust settles on what should be close to a final round of mostly dilutive portfolio moves, but where we think the underlying quality of core value driving franchises is underappreciated," Tusa said.
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