Needham & Company Lifts PT on FLIR Systems (FLIR) Ahead of Q2 Results

July 16, 2013 8:19 AM EDT
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Price: $34.69 -1%

Rating Summary:
    9 Buy, 10 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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Needham & Company boosted its price target on Buy-rated FLIR Systems, Inc. (NASDAQ: FLIR) from $30 to $33, saying they expect in-line Q2 results as lower op-ex, improving commercial business and solid bookings in government business should drive shares higher.

Analyst James Ricchiuti comments, "FLIR remains one of the more attractive value names in our Advanced Industrial Technologies group. We believe the outlook for FLIR's commercial systems business (56% of 2012 revenue) is improving and expect FLIR's "own the sockets" strategy of driving infrared technology into end-use products in the security, maritime, automotive and traffic systems markets to accelerate growth over the next 1-2 years under the direction of the company’s new CEO. We expect FLIR's Gov't Systems business (44% of 2012 revenue) to post solid bookings in Q2 in the U.S., despite sequestration headwinds, while benefiting from steady demand from overseas government customers. FLIR shares, which are up 19% over the last three months (vs 8.38% for the S&P 500), remain attractive, in our view, trading at 16x our out-year EPS estimate."

For an analyst ratings summary and ratings history on FLIR Systems, Inc. click here. For more ratings news on FLIR Systems, Inc. click here.

Shares of FLIR Systems, Inc. closed at $29.36 yesterday.

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