Imperial Capital Cuts Price Target on FLIR Systems (FLIR) to $36 Following 3Q; Reiterates Outperform
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Imperial Capital maintained an Outperform rating on FLIR Systems, Inc. (NASDAQ: FLIR), and cut the price target to $36.00 (from $40.00), following the company's 3Q earnings report. FLIR reported revenue of $405mn, consistent with the Street estimate of $404mn. Adjusted diluted EPS of $0.43 was in-line with Street estimates.
Analyst Jeff Kessler commented, "During the quarter, the Instruments division generated revenue of $83mn, up about 11% year-over-year (yoy) from $75mn. The Surveillance segment was up 4% yoy to $136mn (vs. our estimate of $135mn). The Security division was down 5% yoy to $56mn (vs. our estimate of $66mn). OEM & Emerging Markets was up 22% yoy to $63mn (vs. our estimate of $54mn). Maritime was up 4% yoy to $41mn (vs. our estimate of $41mn). Detection was up 2% yoy to $26mn (vs. our estimate of $30mn). Management continues to guide to FY16 revenue of $1.60-1.65bn, and adjusted EPS of $1.60-1.65."
Shares of FLIR Systems, Inc. closed at $32.17 yesterday.
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