Ahead Of The Bell: Barnes Group

HARTFORD, Conn. (AP) — Barnes Group Inc.'s aerospace business will continue to feel the impact of the recession well into next year, an analyst said Monday, trimming his price target on the stock.

R.W. Baird analyst Peter Lisnic cut his price target to $15 from $16 and maintained his "Neutral" rating on the aerospace and industrial parts company.

Volume in industrial markets appears to be close to a bottom and the Barnes Group could benefit from improved demand, he said in a client note.

"However, a bottom in the higher-margin aerospace business could be pushed well into the second half 2010," he said.

Barnes, based in Bristol, Conn., said Friday it earned $10.9 million in the third quarter, or 20 cents per share, down 61 percent from $27.8 million, or 49 cents per share in the same period last year.

Analysts surveyed by Thomson Reuters expected earnings of 21 cents per share.

Revenue for the quarter ended Sept. 30 was $260.3 million, down 22 percent from $333.8 million in the year-ago period.