Markets & Finance

UBS Upgrades Wesco International

UBS Financial upgrades Wesco International (WCC) to buy from neutral.

Analyst Steven Fisher says he is upgrading primarily to reflect more favorable valuation, coupled with Wesco's exposure to later cycle non-residential construction markets and industrial markets that he expects to have another strong year in 2005.

He believes the recent stock weakness partly reflects concerns over the timing of Cypress Group's sale of its remaining 13.1 million shares, given shelf filing on Mar. 14, as some uncertainty still remains until exact exit strategy becomes clear.

Fisher raises his $1.80 2005 earnings per share estimate to $1.85 and $2.25 2006 earnings per share estimate to $2.30. He keeps a $38 target.

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