UPDATE: Stifel Nicolaus Reiterates Buy, Lowers Target to $84 on Esterline

Stifel Nicolaus maintains its Buy rating on Esterline Technologies Corporation ESL on valuation and healthy outlook but lowers target price to $84 from $90 on soft results. Stifel Nicolaus comments, “Near-term results are overshadowing the earnings growth potential at Esterline in fiscal 2012 and 2013, in our opinion. Headwinds should continue next quarter before improving in the second quarter. Prior to recent difficulties, the company has a history of solid execution and robust margin improvement, which we believe investors are forgetting.” ESL closed at $51.08 per share on Thursday.