Needham & Company Reiterates Buy as FLIR Systems (FLIR) Announces Point Grey Acquisition
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Needham & Company reiterated a Buy rating and $36.00 price target on FLIR Systems, Inc. (NASDAQ: FLIR) following the company's announced acquisition of Point Grey Research. FLIR is paying ~ $253M cash in the deal. The acquisition is expected to be completed in 4Q and be $0.01 dilutive to EPS in 2016 and accretive to 2017 EPS.
Analyst James Ricchiuti commented, "FLIR prior to the market open yesterday announced the acquisition of Point Grey Research, a Canadian manufacturer of high-end digital cameras for machine vision applications. The acquisition is consistent with FLIR's strategy of expanding further into the industrial markets and combines its thermal imaging technology with Point Grey's high-end visible imaging camera technology. FLIR is paying ~$253M in cash to acquire Point Grey, which we estimate has annual revenues of between $65-$70M. FLIR expects to complete the acquisition in Q4. The acquisition is expected to be $0.01 dilutive to EPS in 2016 and accretive to 2017 EPS. We reaffirm our Buy rating."
Shares of FLIR Systems, Inc. closed at $31.59 yesterday.
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