Imperial Capital Raises Price Target on ARC Group Worldwide (ARCW) to $4.50

November 15, 2016 7:04 AM EST
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Price: $4.50 --0%

Rating Summary:
    3 Buy, 1 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 29 | Down: 29 | New: 6
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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."

For an analyst ratings summary and ratings history on ARC Group Worldwide click here. For more ratings news on ARC Group Worldwide click here.

Shares of ARC Group Worldwide closed at $4.15 yesterday.

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