Barclays Reiterates an 'Overweight' on Precision Castparts (PCP); Raising Numbers as Q4 Ahead of Expectations

Barclays reiterates an 'Overweight' on Precision Castparts (NYSE: PCP) price target of $185.00.

Analyst, Carter Copeland, said, "The most positive takeaway for us in the quarter was the acceleration in PCP's top line, which benefitted from strong Aerospace growth and improvements in the Power businesses. Persistence of this growth, when combined with early signs of acceleration in several end markets (IGT, Pipe, Fasteners) bodes well for the PCP multi-year outlook, which, in our view, needed a strong quarter to boost conviction levels."

Copeland admits feeling that PCP's largest source of potential upside is M&A. Staying on the lookout for improvements in conversion, as noted by Company management. FY12 EPS estimate raised from $9.94 to $10.18, FY13 started at $11.48.

For an analyst ratings summary and ratings history on Precision Castparts click here. For more ratings news on Precision Castparts click here.

Shares of Precision Castparts closed at $167.48 yesterday.

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