Imperial Capital Cuts Price Target on FLIR Systems (FLIR) to $36 Following 3Q; Reiterates Outperform

November 4, 2016 8:03 AM EDT
Get Alerts FLIR Hot Sheet
Price: $36.65 --0%

Rating Summary:
    9 Buy, 10 Hold, 1 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 17 | Down: 24 | New: 11
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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."

For an analyst ratings summary and ratings history on FLIR Systems, Inc. click here. For more ratings news on FLIR Systems, Inc. click here.

Shares of FLIR Systems, Inc. closed at $32.17 yesterday.



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