KeyBanc Upgrades Astronics (ATRO) to Overweight

KeyBanc upgraded Astronics (NASDAQ: ATRO) from Sector Weight to Overweight with a price target of $35.00. Shares weakened after Astronics reported disappointing Q4 results, but analyst Kevin Ciabattoni thinks the Aerospace growth story remains compelling despite risks.

"We believe shares are oversold following a weak 4Q and that ATRO is appealing at current levels even if completely stripping out Test Systems from our estimates. ATRO's Aero business remains a compelling growth story driven by increased personal device usage and airlines that are flush with cash and looking to upgrade their passenger experience. The Test business is still not completely de-risked at this point, but as mentioned, it is not integral to our thesis," said Ciabattoni.

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

Shares of Astronics closed at $25.02 yesterday.

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