KeyBanc Downgrades HEICO (HEI) to Sector Weight

August 26, 2016 7:14 AM EDT
Get Alerts HEI Hot Sheet
Price: $77.81 -0.51%

Rating Summary:
    9 Buy, 8 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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KeyBanc downgraded HEICO (NYSE: HEI) from Overweight to Sector Weight and removed its price target. Analyst Michael F. Ciarmoli highlighted valuation and lack of near-term catalysts.

"We did not see the acceleration in organic growth we had anticipated in F3Q16 and consequently believe further multiple expansion will be limited amid a lack of near-term catalysts. We continue to see solid long-term prospects for HEI driven by increasing PMA adoption and an accelerated PMA cycle, as well as M&A, but believe shares are likely to be range-bound near term as FSG/ETG organic growth remain in the low/mid-single digits. Our estimates remain largely unchanged, and we view HEI shares as being fairly valued," said Ciarmoli.

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

Shares of HEICO closed at $71.72 yesterday.

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