KeyBanc Downgrades HEICO (HEI) to Sector Weight
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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.
Shares of HEICO closed at $71.72 yesterday.
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