Needham & Company Upgrades ESCO Technologies (ESE) to Buy
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Needham & Company upgraded ESCO Technologies (NYSE: ESE) from Hold to Buy with a price target of $70.00.
Analyst Sean K.F. Hannan notes the upgrade following a recent encouraging visit to ESE's Doble business unit. The firm has improved confidence in the overall story in addition to our implementation of a sum-of-parts valuation.
Hannan said they were impressed by the health of demand for new products at Doble, which they estimate will see healthy growth and expanding margins for the next few years. In addition, they gained greater confidence in the broader model.
Shares of ESCO Technologies closed at $62.35 yesterday.
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