Needham & Company Upgrades Park Electrochemical (PKE) to Buy

May 10, 2013 7:38 AM EDT
Get Alerts PKE Hot Sheet
Price: $17.86 -1.6%

Rating Summary:
    1 Buy, 0 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 23 | Down: 34 | New: 34
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Needham & Company upgraded Park Electrochemical (NYSE: PKE) from Hold to Buy with a price target of $27.00.

Analyst Sean K.F. Hannan comments, "Overall, we believe PKE could be well positioned to move out of a trough period with what appears to be improving prospects on both the aerospace and electronics front (and as echoed in 2HC13 optimism at multiple customers). Further, the improved cost structure should position PKE for strong EPS growth even with moderate top-line improvement. Consequently, we upgrade to Buy with $27 target on 14x F14 +$10.72 in net cash."

The firm trimmed FY 2013 EPS estimates from $1.00 to $0.98 and FY 2014 EPS from $1.30 to $1.19.

For an analyst ratings summary and ratings history on Park Electrochemical click here. For more ratings news on Park Electrochemical click here.

Shares of Park Electrochemical closed at $23.90 yesterday.

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