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FBR Capital Reiterates an ‘Outperform/Top Pick’ on Actuant (ATU); F1Q11 Preview: Expect Upside Results and Upbeat Outlook

FBR Capital reiterates an ‘Outperform/Top Pick’ rating on Actuant raises PT to $29.

FBR analyst says, “We have a positive bias on Actuant shares heading into F1Q11 earnings on Dec 16 based on our expectation for upside earnings and positive outlook commentary. We see upside to FBR/consensus EPS estimate of $0.35/$0.34 primarily from better trends at Actuant’s highly profitable Enerpac (hydraulic tools, 28% of revenues), where our channel checks and proxy industrial indicators in Industrial Production and Grainger monthly sales suggest solid trends through the quarter…We are increasing our 2011/2012 EPS estimates to $1.55/$1.80 to reflect the Mastervolt acquisition and better underlying operating trends.”

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