Deutsche Bank Upgrades TransDigm (TDG) to Buy
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Deutsche Bank upgraded TransDigm (NYSE: TDG) from Hold to Buy with a price target of $290. Analyst Myles Walton said a selloff in the stock was an over-reaction.
"TDG reported F4Q & FY16 results that were in line with commentary from October. F4Q sales of $875M matched our $872M as continued good perf in commercial aftermarket & another better than expected Q in defense offset weaker commercial OE with EBITDA as defined of $419M compared in-line with our $422M. We think the market got caught up in the FY17 shortfall to consensus EPS while missing the implied FCF growth in the FY17 forecast, which came in 20% better than our estimate and of the FY17 adjusted net income. Following today's sell-off we are upgrading to Buy with 15% upside to new PT," said Walton.
Shares of TransDigm closed at $252.94 yesterday.
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