NEW YORK (AP) ¿ An analyst Monday raised his share price targets on electrical equipment makers in response to a strengthening economy and improvements in several companies' individual performances. FBR analyst Deane Dray raised his price targets an average of 7 percent, saying the 59 percent share price rally since March appears sustainable. "We have more confidence today in the bottoming in several early-cycle industrial end markets and in a 2010-11 recovery scenario," he wrote. "The sector is by no means overextended here." He cited improving data from the Institute of Supply Management, an uptick in industrial production and encouraging monthly sales numbers from Illinois Tool Works Inc. and W.W. Grainger Inc. "Multiples now appear to reflect the early recovery stages from a 'typical recession,' fueled by an accommodative Fed, stimulus spending, and a weak dollar," he said. He raised his price targets on 3M Co., Actuant Corp., Agilent Technologies Inc., Carlisle Cos. Inc., Cooper Industries Ltd., Crane Co., Emerson Electric Co., Honeywell International Inc., Illinois Tool Works Inc., ITT Corp., Roper Industries Inc., SPX Corp., Thomas & Betts Corp., Tyco International Ltd., United Technologies Corp. and Wesco International Inc. In morning trading, Wesco rose 78 cents, or 2.9 percent, to $27.41 and SPX climbed $1.37, or 2.2 percent, to $64.89.
More from Investing
Boeing Slumps After Report Says Planemaker May Have Misled FAA on 737 MAX
Boeing shares fell the most in more than seven months Friday after a report said the Federal Aviation Administration demanded the planemaker turn over internal communications that questioned the safety of software linked to the grounded 737 MAX jet.
Brexit: UK Prime Minister Boris Johnson Loses Key Vote to Avoid EU Exit Delay
U.K. lawmakers voted Saturday to delay approval of Prime Minister Boris Johnson's Brexit deal, setting up a potentially unprecedented clash between the country's ruling party and the Supreme Court.
Zuckerberg Set to Defend Libra on Capitol Hill Next Week. Here's What to Expect
While the hearing is focused on Facebook's Libra project, the congressional grilling could also extend to Facebook's acquisitions, antitrust concerns and posture on free speech.
Microsoft Reports Earnings on Wednesday: 8 Important Things to Watch
Azure growth, Windows sales trends and stock buybacks are among the things to keep an eye on as the software giant reports.