Smith (A.O.) (AOS) Upgraded to Buy at KeyBanc Capital Markets

A.O. Smith has been upgraded today by the securities research analysts at investment firm KeyBanc Capital Markets which raised Smith from a “hold” rating to “buy.”  KeyBanc also has a price target performance outlook for AOS fixed at $47 dollars.  KeyBanc noted that AOS is an appealing risk-reward position play in a due to industrial space being in a pullback and that a great amount of Smith’s volume is garnered from replacement demand in mature markets.  KeyBanc also pointed out that the economy looking that it’s not in great haste to recovery further makes Smith stand out.

AOS gapped north as normal market hours began the final day of trading for this week.  60 minutes into trading and AOS bullish momentum has yet to stall.  AOS has not gapped to the upside since March 21st, 2011.  Share volume is substantially high, nearly matching Thursday’s shares being exchanged within the first hour of trading this morning.

Smith is slated to release their next earnings report on July 19th, 2011, and the current consensus EPS estimate is expected to be 51 cents.  Smith’s last earnings report was released on April 19th, 2011, and announced EPS of 52 cents with revenue totaling $417.4 million which was up 13.8 % year to year.  AOS is currently trading below its 50 & 200-day moving averages and 2011 is currently an up year for the company.

Smith (A.O.) Corporation is a leading manufacturer of water heating equipment, serving a diverse mix of residential and commercial end markets principally in the United States with a growing international presence.  The company has market capitalization of $1,556,587,500 and 38,750,000 shares outstanding.  AOS has a 52-week high of $45.80 with the low being $30.87 dollars.

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