KeyBanc Downgrades Esterline Tech (ESL) to Sector Weight

KeyBanc downgraded Esterline Tech (NYSE: ESL) from Overweight to Sector Weight. The change follows disappointing Q1 results and guidance.

Analyst Michael F. Ciarmoli said, "We downgrade shares of ESL to SW from OW after a dismal 1Q16. Results missed badly on the top/bottom line and mgmt cut its outlook for FY16, notably slashing its EPS view by 19%. ESL's turnaround story has been derailed by challenged end markets, poor execution and ineffective forecasting. Importantly, mgmt indicated its 3- to 5-year LT plan will be reassessed given recent performance. Like us, we believe investors will move to the sidelines on ESL, which points to a dead money play at best in the ST."

For an analyst ratings summary and ratings history on Esterline Tech click here. For more ratings news on Esterline Tech click here.

Shares of Esterline Tech closed at $75.77 yesterday.

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