Auriga Reiterates a 'Buy' on Esterline Tech (ESL); Raising PT After Blow Out Qtr
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Price: $122.49 --0%
Rating Summary:
1 Buy, 10 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 10 | Down: 7 | New: 6
Rating Summary:
1 Buy, 10 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 10 | Down: 7 | New: 6
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Auriga reiterates a 'Buy' on Esterline Tech (NYSE: ESL) price target raised from $75 to $87.
Auriga analyst says, "After the close, Esterline reported first-quarter adjusted EPS of $0.98 which was well ahead of our expectations calling for $0.77, as strength in the Advanced Materials segment far exceeded expectations, coupled with a roughly $0.08 tax benefit. Given strong first-quarter results, we are increasing our price target to $87, which reflects a consistent target multiple of 14x our FY13 estimate. More importantly, we look for the first-quarter to mark the low point in earnings following the acquisition of Souriau in FY11. As such, we believe investors will be well rewarded to build a position in shares of ESL and reiterate our rating."
For an analyst ratings summary and ratings history on Esterline Tech click here. For more ratings news on Esterline Tech click here.
Shares of Esterline Tech closed at $64.18 yesterday.
Auriga analyst says, "After the close, Esterline reported first-quarter adjusted EPS of $0.98 which was well ahead of our expectations calling for $0.77, as strength in the Advanced Materials segment far exceeded expectations, coupled with a roughly $0.08 tax benefit. Given strong first-quarter results, we are increasing our price target to $87, which reflects a consistent target multiple of 14x our FY13 estimate. More importantly, we look for the first-quarter to mark the low point in earnings following the acquisition of Souriau in FY11. As such, we believe investors will be well rewarded to build a position in shares of ESL and reiterate our rating."
For an analyst ratings summary and ratings history on Esterline Tech click here. For more ratings news on Esterline Tech click here.
Shares of Esterline Tech closed at $64.18 yesterday.
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