June 28, 2005

Deutsche Bank Analysts Nigel Coe und Gregg Schoenleber initiate Multi-Industry Coverage

Deutsche Bank Securities Inc. today announced that analysts Nigel Coe and Gregg Schoenleber have initiated coverage of twelve stocks in the multi-industry sector: Danaher Corp (NYSE: DHR), Dover Corp (NYSE: DOV), Hexcel Corp (NYSE: HXL), ITT Industries (NYSE: ITT), Rockwell Automation (NYSE: ROK), Thermo Electron (NYSE: TMO), American Standard Companies (NYSE: ASD), Ingersoll-Rand (NYSE: IR), Kaydon Corp (NYSE: KDN), Manitowoc Company (NYSE: MTW), Regal-Beloit (NYSE: RBC) and SPX Corp (NYSE: SPW).

Coe and Schoenleber are initiating coverage with an overweight rating and expected 12-month total return of 9-10% for the group. "The economy continues to grow and capacity utilization levels are approaching critical levels of 80%, meaning that underlying demand should remain robust," they said. Coe and Schoenleber see a fundamental out-performance during 2005/06 due to the cyclical nature of the industry. "We expect another couple of years of above-trend performance with revenue growth of 9-10% in 2005, falling to 6-7% by 2006."

Deutsche Bank was recently ranked the top bulge-bracket firm for equities research by an Investars survey of asset managers, research directors, analysts, individual investors and financial institutions. The rankings measured one-year performance of Deutsche Bank's stock picks vs. the S&P 500.


Renee Calabro
Assistant Vice President, Press and Media Relations
Deutsche Bank- Global Markets Division
60 Wall St., 21st Floor
Mailstop - NYC60-2115
New York, NY 10005

Phone: 212-250-5525
Fax: 212-797-0280
Cell: 917-664-8617