Needham & Company Lifts PT on Cubic (CUB) to $56

August 5, 2013 8:38 AM EDT Send to a Friend
Get Alerts CUB Hot Sheet
Price: $46.25 +0.50%

Rating Summary:
    4 Buy, 1 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 24 | Down: 28 | New: 14
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Needham & Company analyst James Ricchiuti bumped his price target on Buy-rated Cubic (NYSE: CUB) from $53 to $56 following in-line Q3 EPS.

comments, "CUB last week posted FQ3 EPS that were essentially in line with our expectations, with results coming in two cents above our estimate even though revenues for the period came in 3% below our estimate. F13 remains very much a transition year for CUB in our view as it moves toward completing several large projects in its Transportation business at the same time that it navigates the
ongoing challenges of sequestration in its defense business. This transition appears to be going relatively well, with the large project in Chicago on track to be a significant contributor in the F14-F15 time frame, along with smart card transit projects in Vancouver and Sydney. CUB’s Defense business, meanwhile, has performed well in a difficult operating environment, including growing backlog by ~$155M thus far this year, much of that booked in international markets. We believe CUB shares can continue to work higher over the next 12 months. We reiterate our Buy rating."

FY 2013 EPS was cut from $2.90 to $2.78 and FY 2014 EPS was cut from $3.15 to $3.05.

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

Shares of Cubic closed at $51.29 yesterday.


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