Barclays Boosts FY12/13 Estimates on Elbit Systems (ESLT); Higher Revenues, Lower Backlog

May 16, 2012 12:43 PM EDT
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Price: $104.11 --0%

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Barclays maintains an 'Equalweight' on Elbit Systems (NASDAQ: ESLT) price target lowered from $46 to $42.

Analyst, Joseph Wolf, said, "Elbit's 1Q results tracked defense trends in the US, where all the companies exceeded consensus, with sales coming in higher than expected after slower growth in 2011. However, backlog, a key metric for future growth, continued to decline...While we believe that ESLT is operating well in a challenging environment, we see more compelling growth and upside with other stocks in our Israel Technology coverage universe."

FY12 EPS estimate cut from $3.60 to $3.98 and FY13 from $4.39 to $4.45.

For an analyst ratings summary and ratings history on Elbit Systems click here. For more ratings news on Elbit Systems click here.

Shares of Elbit Systems closed at $34.71 yesterday.

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