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1、11October2017Americas/UnitedStatesEquityResearchMultiIndustryQ32017PreviewResearchAnalystsQUARTERLYJulianMitchell2123256668julian.mitchell@credit-suisse.comMaterialChangesRonnieWeiss2125386404■AspartofourQ32017Preview,wehavechangedourEPSestimatesforronn
2、ie.weiss@credit-suisse.com22ofour27companies.LeeSandquist2123252245■WehavealsochangedTargetPricesforthefollowingcompanies:ALLE,lee.sandquist@credit-suisse.comATKR,CUB,DOV,ETN,GDI,HON,MMM,RXN,ROK,SPXC,TXT,andJasonMakishiVMI.2125388125jason.makishi@credit
3、-suisse.com■PleaseseeinsidefordetailsonourEstimate/TPchanges.■Ourfullreportisavailablethrough:‘Q32017EarningsPreview:Risingtide,withfewerholesinthehullthanatQ2earnings’DISCLOSUREAPPENDIXATTHEBACKOFTHISREPORTCONTAINSIMPORTANTDISCLOSURES,ANALYSTCERTIFICAT
4、IONS,LEGALENTITYDISCLOSUREANDTHESTATUSOFNON-USANALYSTS.USDisclosure:CreditSuissedoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethattheFirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisrepo
5、rt.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.11October2017Americas/UnitedStatesElectricalEquipmentAllegion(ALLE)RatingOUTPERFORMPrice(10-Oct-17,US$)87.81Targetprice(US$)(from91.00)96.0052-weekpricerange(US$)87.8
6、1-62.84QuarterlyPreviewMarketcap(US$m)8,341Targetpriceisfor12months.■Q317:WeslightlyincreaseourQ3EPSto$1.02,in-linewiththeStreet,dueResearchAnalyststoongoingstrengthinInstitutionalconstructionspendinNorthAmerica,andJulianMitchellweraiseourTPto$96from$91
7、.Weexpecttotalcompanyorganicgrowthto2123256668reach5.9%,drivenbymid-singledigitgrowthintheAmericasandAsiaPacjulian.mitchell@credit-suisse.comandlow-singledigitgrowthinEMEIA.ThecompanyexpectspricingtailwindsRonnieWeisstomoderatefromthe2.4%benefitinQ2to1.
8、5-2%inthe2H;wemodel1.8%2125386404ronnie.weiss@credit-suisse.cominQ3.Weforecastoperatingmarginexpansionof70bpsy-o-yledbyAsiaLeeSandquistPac(+240bps)andEMEIA(+100bps)asweexpectlowerinvestmentspend2123252245fromthe1Hintheregion.lee.
