Harman (HAR): Raising PT - Wells Fargo
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Wells Fargo analyst, David Lim, reiterated his Outperform rating on shares of Harmon International (NYSE: HAR) after the company delivered a solid quarter. Revenues exceeded consensus by $90MM and EPS surpassed consensus.
HAR reported FQ4 EPS of $1.57 versus consensus of $1.52. Revenues were $1.88B (+12% yr/yr) vs the consensus of $1.79B. Higher than anticipated operating performance (+$0.20), lower interest expense (+$0.02), a lower share count (+$0.02) and foreign exchange (F/X) gains (+$0.02) were partially offset by a higher tax rate (-$0.18).
Connected Car revenue was $843MM (+11% yr/yr). Connected Services revenue was $185MM. Lifestyle revenue was $578MM (+25% yr/yr). Professional revenue was $286MM
The new valuation range of $94 - $97 applies a P/E ratio of 13.2x-13.6x to the CY17 EPS
. price target of $95.00 (from $88.00)
Shares of Harmon International closed at $86.92 yesterday.
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