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Gold/Mining/Energy : RON - Cooper Cameron -- Ignore unavailable to you. Want to Upgrade?

To: Dennis Roth who wrote (68)	2/1/2006 7:21:18 AM
From: Dennis Roth	Read Replies (1) \| Respond to of 77

Cooper Cameron (IL/A): Raising estimates + fair value to $59 - Goldman Sachs - January 31, 2006 Cooper Cameron 4Q2005 EPS of $0.47 was in line w/ our estimate and above $0.45 consensus w/ EBIT 9% stronger than our estimate, offset by higher tax rate (39% vs 33% estimate). Cameron margins were sharply higher than expected on stronger mix of higher margin Drilling and Surface Equipment, and price increases are moving ahead of raw material pressures across Cameron + Valves. Orders were uninspiring due to timing, not demand trends. We are raising our 2006-07 EPS estimates to $2.20/ $3.10 from $2.10/ $2.53 as well as our fair value estimate to $59 (19x 2007 EPS) from $45 as we roll our valuation framework forward to 2007. This implies upside potential of 23%, which is in line with upside we see for the group. We maintain our IL/A rating with a positive bias. Each of the analysts named below hereby certifies that, with respect to each subject company and its securities for which the analyst is responsible in this report, (1) all of the views expressed in this report accurately reflect his or her personal views about the subject companies and securities, and (2) no part of his or her compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in this report: Terry Darling; Jerry Revich.