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Emerson Electric reported a stellar quarter last Tuesday, May 6, beating earnings per share estimates by 4 cents. Management immediately raised 2008 guidance. The good news pushed the stock up to $56, but that doesn’t seem to be enough for Cramer. During Monday’s Mad Money, he said Emerson deserves to trade at $60.
Emerson [EMR
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] is one of those “new tech” companies, like Eaton [ETN
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], Dover [DOV
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] and Parker Hannifin [PH
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], Cramer’s been talking about lately. Instead of being wowed by gadgets like Research in Motion’s [RIMM
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] new Bold smartphone, he’s more impressed with inventions that fuel the strong global economy. Emerson plays its part by boosting efficiency in everything from telco networks to nuts-and-bolts manufacturing.
Why’s Cramer so bullish on EMR? Three of the company’s most “new tech” divisions were up anywhere from 15% to over 20% for the quarter. Then there’s the fact that Emerson gets more than half its sales from outside the U.S. And the $2.4 billion in free cash flow expected this year should go toward buybacks and dividends. All that and the stock’s cheap, too.
If Emerson can produce these kinds of numbers during a tough economy, imagine what the company’s capable of during good times. And those good times will come, Cramer said. So maybe it’s a good idea to buy some EMR while it’s still trading at a discount.
Cramer recommended two other “new tech” stocks Monday. Check out his calls on Owens Corning [OC
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] and Colfax [CFX
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].
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