UPDATE: Wells Fargo Upgrades Esterline To Outperform, Raises Range to $63-66

Wells Fargo upgrades Esterline Technologies Corporation ESL from Perform to Outperform and raised its valuation range to $63-66 from $57-60 as shares reflect weaker guidance without considering growth in commercial aerospace. Wells Fargo says, “Although FY2012 has several headwinds, we still believe ESL earnings should approach $7 of EPS over the course of the cycle due to increasing OEM production rates, incremental content on new programs (787, A350XWB and military platforms), aftermarket revenue growth, earnings contribution from the Souriau acquisition, and significant deleveraging.” ESL closed at $51.08 per share on Thursday.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: Analyst ColorUpgradesPrice TargetAnalyst RatingsWells Fargo
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!