Deutsche Bank Reiterates Buy, $41 PT On Curtiss-Wright
In a note out today, Deutsche Bank reiterated its buy rating and $41 price target on Curtiss-Wright (NYSE: CW), implying decent upside from where the shares currently trade.
“We've moved our 2012 EPS to $3.01 from $3.07 on the issuance of $300M of debt, though uses could prompt us to add back. Our $41 PT is based on 13.5X, inline with the co's historical trading avg vs. CW's current 11.1 2012e EPS, a 10-% discount to the commercial aero. Key risks to the downside include defense spending reductions, product development risk, and incremental pension funding requirements as well as integration risk as part of the company's acquisition strategy,” Deutsche Bank said in the note.
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