CLARCOR "neutral," target price reduced

5:05a.m. - Robert W. Baird NEW YORK, June 19 (newratings.com) - Analysts at Robert W Baird maintain their "neutral" rating on CLARCOR Inc (CLC), while reducing their estimates for the company. The target price has been reduced from $43 to $40. In a research note published this morning, the analysts mention that the company has posted its 2Q results in-line with expectations. CLARCOR has narrowed its EPS guidance range for FY08 from $1.85-$2.05 to 1.90-$2.00. The sales growth estimate for the company’s Engine/Mobile business for 2H has been reduced from 8% to 2% to reflect the domestic on-highway weakness. The EPS estimates for FY08 and FY09 have been reduced from $1.95 to $1.93 and from $2.25 to $2.21,... [read full story]