FBR Capital Raises Price Target on Ducommun (DCO) to $30; Reiterates Outperform
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FBR Capital reiterated an Outperform rating on Ducommun Incorporated (NYSE: DCO), and raised the price target to $30.00 (from $28.00), after traveling with management. Ducommun reported winning additional titanium business on the high-demand A320 and A330 families over the last year. Shares gained 34% from November 3 to November 15, out pacing the S&P 500.
Analyst Christopher Horn commented, "We recently traveled with management, and we reiterate our positive view on shares over the next year. Ducommun shares gained 34% from November 3 to November 15, outstripping the S&P 500 (+4%) as well as an index of A&D companies in the S&P Composite 1500 (+9%). We see politics as the main factor behind the rise: defense has been a possible headwind for Ducommun because of the slower growth trajectory. Considering that a sluggish spending environment was one primary headwind we had cited for this stock, we believe that multiple expansion is warranted. Given the potential for higher growth prospects in Ducommun's defense business (which we believe tends to contribute higher margins than commercial work), we are raising our price target on shares to $30, from $28. We believe that there could be further upside depending on whether the company wins additional commercial titanium work or whether procurement of key defense programs trends upward faster than we expect. We reiterate our Outperform rating."
Shares of Ducommun Incorporated closed at $25.21 yesterday.
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