Harman (HAR): Raising PT - Wells Fargo

August 8, 2016 9:17 AM EDT
Get Alerts HAR Hot Sheet
Price: $109.86 -0.08%

Rating Summary:
    6 Buy, 10 Hold, 2 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 21 | Down: 18 | New: 19
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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
(flattish yr/yr).

The new valuation range of $94 - $97 applies a P/E ratio of 13.2x-13.6x to the CY17 EPS
estimate.

. price target of $95.00 (from $88.00)

For an analyst ratings summary and ratings history on Harmon International click here. For more ratings news on Harmon International click here.

Shares of Harmon International closed at $86.92 yesterday.



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