Jefferies Raises Price Target on Kaman Corp. (KAMN) Following Another Upside Quarter

Jefferies is reiterating its Buy rating on shares of Kaman Corporation (NASDAQ: KAMN) and is raising its price target from $38 to $41 following solid Q1 earnings.

The company released its Q1 results with revenue of $377.8 million with EPS of $0.45, which was ahead of the firms expectations of $352 million and $0.37. Revenue upside was due to both industrial and airospace revenues that topped the firms forecasts.

The firm is maintaining its FY11 EPS estimate of $2.02 and is releasing its Q2 estimate at $0.49.

Jefferies reports, "Dougle digit sales growth in each of the business segments coupled with operating margin expansion should drive earnings growth. Additional wins for the aerosapce business provides a solid long-term backlog. While some programs have been pushed out stronger than expected demand from the higher margin aerospace bearings business should be a positive for revenues and margins."

For more ratings news on Kaman Corporation click here and for the rating history of Kaman Corporation click here.

Shares of Kaman Corporation closed at $36.02 yesterday.

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