Needham & Company Downgrades FLIR Systems, Inc. (FLIR) to Hold; Q3 Revenue Miss, Though Backlog Up; Shares Look Fairly Valued
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Price: $57.34 --0%
Rating Summary:
3 Buy, 12 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
3 Buy, 12 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Needham & Company downgraded FLIR Systems, Inc. (NASDAQ: FLIR) from Buy to Hold.
Needham analyst says, "We are lowering our rating on FLIR based on valuation and expectations of slower growth over the next year. FLIR yesterday reported a 6% revenue miss for Q3 but slightly better EPS. While Q4 revenues and EPS guidance bracketed expectations, consensus numbers are likely to be moving lower. Revenues from the defense business were 4% below our expectations, while the commercial business was 6% below our expectations. Margins were better than expected, with FLIR clearly holding the line on expenses. While FLIR could face headwinds in its commercial business from the economy and noted a softening late in Q3, management said activity has picked up thus far in Q4. At the same time, we expect funding issues will remain an overhang on its defense business."
"We are reducing our Q4 EPS est. to $0.45 from $0.47 on revenue of $421M. We are lowering our 2012 EPS estimate to $1.68 from $1.80 on revenues of $1.67B (up 8%)."
For more ratings news on FLIR Systems, Inc. click here and for the rating history of FLIR Systems, Inc. click here.
Shares of FLIR Systems, Inc. closed at $27.23 yesterday.
Needham analyst says, "We are lowering our rating on FLIR based on valuation and expectations of slower growth over the next year. FLIR yesterday reported a 6% revenue miss for Q3 but slightly better EPS. While Q4 revenues and EPS guidance bracketed expectations, consensus numbers are likely to be moving lower. Revenues from the defense business were 4% below our expectations, while the commercial business was 6% below our expectations. Margins were better than expected, with FLIR clearly holding the line on expenses. While FLIR could face headwinds in its commercial business from the economy and noted a softening late in Q3, management said activity has picked up thus far in Q4. At the same time, we expect funding issues will remain an overhang on its defense business."
"We are reducing our Q4 EPS est. to $0.45 from $0.47 on revenue of $421M. We are lowering our 2012 EPS estimate to $1.68 from $1.80 on revenues of $1.67B (up 8%)."
For more ratings news on FLIR Systems, Inc. click here and for the rating history of FLIR Systems, Inc. click here.
Shares of FLIR Systems, Inc. closed at $27.23 yesterday.
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