Piper Jaffray Remains Sidelined on Harmon International (HAR) Despite Strong Q4; PT to $88
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Piper Jaffray analyst Alexander Potter reiterated a Neutral rating but raised its price target on Harmon International (NYSE: HAR) to $88.00 (from $84.00) following strong Q4.
Potter commented, "We remain Neutral following a generally strong 4Q16 result. Notably, 12% EBITDA margins in the Professional Solutions segment - as well as the promise of 14% margins next year - should put to rest a key concern that the "Pro" segment might suffer from a protracted period of lackluster profitability. Key secular growth themes in the Connected Car segment appear intact, though with sales growth unlikely to revisit double-digits until 2019, we question whether investors will bid HAR's multiple substantially higher from here (especially considering the stock's 7% post-earnings rally). Newly-released guidance for FY17, FY18, and FY19 did not deviate significantly from our existing estimates. We are bumping our price higher (to $88 from $84), and reiterating our Neutral rating."
Shares of Harmon International closed at $87.54 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesPiper Jaffray, Earnings
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