Zacks Investment Research upgraded shares of Leggett & Platt Incorporated (LEG) from NEUTRAL to OUTPERFORM on November 04, 2014, with a target price of $48.00.
We have upgraded our long-term recommendation on Leggett to Outperform based on its better-than-expected third-quarter 2014 bottom-line performance and upbeat 2014 earnings guidance. The company posted strong results in the quarter backed by enhanced sales coupled with a lower tax rate and share count. Moreover, the company raised the lower end of its adjusted earnings forecast for 2014. We commend Leggett's consistent endeavors to keep itself on the growth trajectory through acquisitions that would augment its top-line performance over the long term. We are also impressed with the company's strong financial base that enables it to make profitable ventures and return value to shareholders. The company's sustained focus on launching new products and divesting non-performing businesses bode well for its growth.
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