Needham & Company Downgrades ESCO Technologies (ESE) to Hold

October 10, 2012 8:50 AM EDT
Get Alerts ESE Hot Sheet
Price: $56.00 -0.71%

Rating Summary:
    7 Buy, 5 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 24 | Down: 17 | New: 14
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Needham & Company downgraded ESCO Technologies (NYSE: ESE) from Buy to Hold with a price target of $36.00 (from $37.00). Last night, ESCO issued disappointing preliminary F12 EPS results

"While we still view ESE as a solid company with healthy backlog and in position for a strong F13 (on the back of the SoCal Gas deployment among others), the disappointing results and guidance have inherently forced our model lower and added risk to the story," said analyst Sean K.F. Hannan.

He also said the recent strength in the stock had pushed shares above his prior $37 target, which was no longer justified.

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

Shares of ESCO Technologies closed at $37.61 yesterday.

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