The report declares a sector-wide upgrade to so-called "multi-industry" stocks, raising price targets on GE, Danaher (DHR), Dover Corp. (DOV), 3M (MMM), Illinois Tool Works (ITW), Roper Industries (ROP), United Technologies (UTX), Parker-Hannifin (PH) and Kennametal (KMT).
Goldman only changed its overall rating on two companies, raising Illinois Tool Works to a "buy," from "neutral" and dropping W.W. Grainger (GWW) to "neutral" from "buy."
The report says multi-industry stocks tend to perform well when the Purchasing Managers Index from the Institute for Supply Management passes 50%. The August total of 52.9% is the highest since June 2007, according to a press release from the ISM.On GE, the report states Goldman's analysts are "encouraged by resilient performance of the company's Industrial portfolio in the downturn." In addition to reiterating their "buy" rating, they raised their price target to $18 from $15. GE shares were up 2% to $14.79 in recent trading. -- Written by Dan Freed in New York.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV