) to neutral from overweight.
Analyst Jeffrey Zekauskas says shares reached his $27 target. He notes the stock up about 15% since June 7 vs. an 11% contraction in the benchmark S&P Industrial Index over the same period. He believes the stock is valued fairly at the current price, given his year-ahead earnings per share estimates. He notes shares sell at an enterprise value to EBITDA multiple of 7.6, based on his fiscal 2003 estimates, ande 8.1 times the estimated fiscal 2003 cash flow. In view of healthy improvement in enterprise value to EBITDA multiples since the beginning of August, he believes further upward movements in shares on a short-term basis may prove harder to achieve.