Needham & Company Upgrades ESCO Technologies (ESE) to Buy; Q1 a Trough

February 8, 2013 8:11 AM EST Send to a Friend
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Price: $36.10 -0.11%

Rating Summary:
    6 Buy, 6 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 13 | Down: 24 | New: 21
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Needham & Company upgraded ESCO Technologies (NYSE: ESE) from Hold to Buy with a price target of $46.00 saying Q1 suggests a trough.

The firm comments, "With what appears to be a trough quarter now established, we expect ESE to see improving results across most of its business in numerous ways through the year and forward. As benefits from restructuring materialize in Test, the ramp accelerates at SoCal, and other business activity is realized through backlog (and new wins), we expect a sharp earnings trajectory in F13 and F14. Consequently, we are upgrading from Hold to Buy and instituting a $46 target on 15-16x our C13 est. of $2.91 (ex. amort)."

The firm lowered FY13 EPS from $2.37 to $2.25 and FY14 EPS was raised from $2.77 to $2.84.

For an analyst ratings summary and ratings history on ESCO Technologies click here. For more ratings news on ESCO Technologies click here.

Shares of ESCO Technologies closed at $40.34 yesterday.




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