AmTech Reiterates Buy on BE Aerospace (BEAV); $57 PT
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American Technology Research reiterates its Buy rating and $57 price target on BE Aerospace (Nasdaq: BEAV).
The firm believes shares of BE Aerospace have declined 29% since May 19 mainly due to "recent airline headline risks" and calls its current valuation "depressed". AmTech recommends investors "aggressively take advantage of the current depressed levels given that fundamentals remain intact." Trading at a P/E of 12.8x and 10.3x CY08 and CY09 estimates, the firm notes that BE Aerospace hasn't traded at these levels since "the last two industry events of 9/11 and the Asian currency flu..."
AmTech likes BE's record backlogs, as of Q1, which consists of high-margin new products: about 75% of its backlog is related to the wide-body market, which should continue to be strong as airlines shift to profitable international travel. Also, the firm notes that BE's backlog is geographically diversified with 38% coming from Pacific Rim/Emerging Markets, 25% from Europe, 25% from North America and just 12% from U.S. domestic carriers.
BE Aerospace, Inc. manufactures and markets cabin interior products for commercial aircraft and business jets worldwide.
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