Piper Jaffray Remains Sidelined on Harmon International (HAR) Despite Strong Q4; PT to $88

August 5, 2016 8:59 AM EDT
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Price: $109.47 +0.03%

Rating Summary:
    6 Buy, 10 Hold, 2 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 11 | Down: 31 | New: 42
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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."

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

Shares of Harmon International closed at $87.54 yesterday.



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