) posted 86 cents, 81 cents, third-quarter earnings per share. Baird upgraded the stock to outperform from neutral.
Analyst Michael Schneider says third-quarter EPS was 4 cents above his and 5 cents above Street estimates. He notes that orders positively reversed course in June, with total order growth accelerating from up 2.5% in May to about up 7% in June.
Schneider notes management raised 2005 EPS guidance to $3.45-$3.50, vs. his $3.45 consensus-matching estimates (excluding one-time item).
He says the upgrade is consistent with his belief that investors should, during this mid/late cycle phase, overweight stocks of global industrial companies with secular, not cyclical, growth drivers. He has a $75 price target on the stock.