AmTech Reiterates Buy on BE Aerospace (BEAV); $42 PT
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American Technology Research reiterates its Buy rating and $42 price target on BE Aerospace (Nasdaq: BEAV).
The firm's reiteration comes ahead of BE's Q2 earnings report, which is expected out tomorrow before the market opens. AmTech sees BE Aerospace reporting "another solid quarter", with results coming in above the Street's EPS estimate of $0.57 "based on volume within the commercial aftermarket for airlines, regional and business jets." The firm also mentions that BE has continued to gain market share from new product introductions.
AmTech's estimates for BE's FY08 EPS are currently $2.35, slightly below the consensus of $2.40. The firm notes that BEAV is currently trading at 11.4x CY08 estimates, below its historical average of a multiple in the mid-teens "as it approached peak cycle earnings." The firm's $42 price target is based on 15x estimates.
BE Aerospace, Inc. manufactures and markets cabin interior products for commercial aircraft and business jets worldwide.
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