UPDATE: Seaport Global Securities Starts FLIR Systems, Inc. (FLIR) at Buy
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(Updated - October 7, 2016 9:31 AM EDT)
Seaport Global Securities initiated coverage on FLIR Systems, Inc. (NASDAQ: FLIR) with a Buy rating and a price target of $36.
Analyst Josh Sullivan said, "FLIR’s heritage in military IR remains a pillar of its success, and given the traditional defense budget flush in September, we expect government sales to be solid. Lastly, we believe FLIR is in prime position to consolidate the fragmented machine vision market through the recent Point Grey acquisition and FLIR's virtuous cycle. Thematically, consumer/industrial trends toward bid data and connected devices require low cost end-point sensors for which FLIR is uniquely positioned. Our $36 price target is based on 12x our 2017 EV/EBITDA estimates."
Shares of FLIR Systems, Inc. closed at $30.69 yesterday.
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