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TheStreet Open House

Pall: S&P Intraday Laggard

NEW YORK ( TheStreet) -- Filtration system-maker Pall (PLL) was the worst performer in the S&P 500 intraday Friday.

The S&P 500 rose 4.14 points, or 0.3%, to 1,370.05 in early trading Friday.

Shares of Pall fell 2.21% to $59.85. The stock was downgraded by JPMorgan analysts to underweight from neutral on Friday.

"If there were a single message that Pall's management intended to communicate to its investor base in the 2Q:F12 conference call, it was that Pall's rate of volume growth for 2012 was slowing," JPMorgan analysts wrote in a report Friday. "Sales measured in local currency for the quarter increased 8%: by contrast, orders increased by 3.4%. If Pall thought that its sales growth rate, measured in local currency, was 5-6% earlier, it thought that 4-5% was now more appropriate."

Pall on Wednesday reported second-quarter earnings of $84.7 million, or 73 cents a share, up from year-ago earnings of $75.7 million, or 65 cents.

Pall has an estimated price-to-earnings ratio for next year of 16.51 times; the average for industrial machinery companies is 14.9. For comparison, both Parker-Hannifin (PH) and Rockwell Automation (ROK) have lower forward P/Es of 11.28 and 13,52, respectively.

Five of the 11 analysts who cover Pall rated it buy. Four analysts gave the stock a hold rating and two rated it sell.

TheStreet Ratings gives Pall an A+ grade with a buy rating and a $78.20 price target. The stock has risen 4.81% year to date.

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-- Written by Alexandra Zendrian



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