Spotlight Shines on Emerson Electric Stock

The stock has been rebounding from its September lows

Laura McCandless

Deputy Editor

Oct 31, 2022 at 11:20 AM

Emerson Electric Co (NYSE:EMR) is in focus today, after reports surfaced that it is selling a majority stake in its climate technologies business to Blackstone (BX) in a deal that is valued at roughly $14 billion. The company also reported better-than-expected fiscal fourth-quarter results before the bell this morning. At last glance, EMR was up 0.4% to trade at $87.75.

EMR has been rebounding up the charts since its Sep. 27 two-year low of $72.40, currently on track for its seventh-straight daily win. The stock's 200-day moving average could cut this rally short at the $88 level, however. Year-to-date, the equity is down 5.4%.

Analysts have yet to respond to today's news. Of the 15 in coverage, eight carry a "buy" or better rating on Emerson Electric stock, with seven a "hold." The 12-month consensus price target of $99.65 is a 13% premium to current levels.

It's also worth noting that EMR's 14-day Relative Strength Index (RSI) of 76.07 sits in "overbought" territory. This means the shares could be due for a short-term drop in price.

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