December 12, 2012 at 09:18 AM EST
Newell Rubbermaid Estimates Raised at BMO Capital (NWL)

BMO Capital Markets reported on Wednesday that they have raised estimates for storage product producer, Newell Rubbermaid Inc.(NWL).

The firm has maintained its “Outperform” rating on NWL, and have increased its price target from $24 to $26. This price target suggests a 15% increase from the stock’s current price of $21.92.

An analyst from the firm commented, “positive. NWL is a GARP investment. Guidance and results have been consistent for the last year, and we expect the outlook to be conservative. No changes to our estimates of $1.70 in 2012, $1.87 in 2013, and $2.10 in 2014. We established a 2015 estimate of $2.35. We raised our price target to $26 (from $24) based on the assumption NWL trades at 13.5x our 2013 estimate of $1.87, near its 10-year average of 13x. Maintain Outperform rating.”

Newell Rubbermaid shares were mostly flat during premarket trading Wednesday. The stock is up 35% YTD.

The Bottom Line
Shares of Newell Rubbermaid (NWL) have a 2.74% dividend yield, based on last night’s closing stock price of $21.92. The stock has technical support in the $19 price area. If the shares can firm up, we see overhead resistance around the $25 price level.

Newell Rubbermaid Inc.(NWL) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.2 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

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