Imperial Capital Raises Price Target on ARC Group Worldwide (ARCW) to $4.50
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Imperial Capital reiterated an In-Line rating on ARC Group Worldwide (NASDAQ: ARCW), and raised the price target to $4.50 (from $4.00), following the company's announced completion of its sale of Tekna Seal LLC to Winchester Electronics Corporation. The company also reported 1Q revenue of $26.8mn. Adjusted EPS of $0.05 was improved from $0.02 during the same period last year.
Analyst Saliq Khan commented, "On 9/30/16, ARCW announced that it completed the sale of its majority-owned subsidiary, Tekna Seal LLC, to Winchester Electronics Corporation for $10.5mn. We believe that the sale of this non-core subsidiary could allow ARCW to focus on its core businesses, particularly precision components and 3D printing. As such, we are raising our price target to $4.50 from $4.00, but maintaining our In-Line rating. We await results of revenue growth and margin improvements initiatives during FY17. Please see Figure 1 for our estimate changes."
Shares of ARC Group Worldwide closed at $4.15 yesterday.
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