Morgan Stanley Lowered Its 2010 EPS Estimate For Newell Rubbermaid By 3%, Cut PT To $20

8/2/2010- I'm Marqui Mapp for SmarTrend News. Morgan Stanley analysts are leaving their 2010 EPS estimate for Newell Rubbermaid (NYSE:NWL) unchanged following solid second quarter EPS results, but are lowering their 2010 EPS estimate by 3% and lowering their price target to $20, from $21. Morgan Stanley analysts said quote, "Newell reported adjusted second quater EPS of $0.51, or $0.48 excluding a lower than expected tax rate, well ahead of our on-consensus $0.44 estimate. While topline was slightly below consensus, core organic sales growth was solid (positive 3.8% ex a pull-forward into first quarter), as FX/product line exits drove most of the revenue downside. Gross margin improved positive 210 bps Year over Year and was 150 bps ahead of our forecast, driving 8% operating profit upside, despite slightly higher than expected SG&A as Newell reinvests behind the business. Full Year 2010 guidance was raised slightly to $1.40 to $1.50 from $1.38 to $1.48, with NWL only flowing through $0.02 of the $0.07 second quarter EPS upside." Morgan Stanley maintained its overweight rating on the company. For more news headlines and market analysis , visit us at our website Trade the Trend dot com and make sure to subscribe to our You Tube Channel Trade the Trend.