Citigroup (NYSE:C) announced it is maintaining their "Hold" rating on Cameron International (NYSE:CAM), while raising the price target on the company by $3.
The new price target is $45 a share, up from the prior $42 a share.
Citigroup analyst Robin Shoemaker said, "We raise our earnings expectations on a faster-than-expected recovery in CAM's short cycle businesses and higher margin expectation in DPS resulting from several quarters of better-than-expected cost controls. We now forecast 2010/11/12 EPS of $2.30/$2.95/$3.55, respectively, from $2.25/$2.85/$3.40. We roll our valuation period forward one quarter and lift our price target to $45, from $42."
The stock could perform even better once the uncertainty concerning liability in the Gulf oil disaster, where their blowout preventer will eventually become an issue, as to whether it was faulty or not.
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