UPDATE: Auriga Raises Astronics' PT Following a Stellar 4Q
According to a research report released today, Auriga has increased Astronics Corporation's (NASDAQ: ATRO) PT from $35 to $38 after the company reported an incredible 4Q.
“Astronics reported a solid fourth-quarter, with upside stemming from better-than-expected demand of its cabin electronics products and wider margins on sales leverage. The quarter did include several one-time items including an impairment charge on its Test Systems business following the government cancellation of the VDATS procurement program and a $500,000 allowance for American Airlines receivables. Net-net, the company performed well from a fundamental perspective, and we are increasing our price target to $38 from $35 reflecting a consistent 18x multiple of our revised 2013 estimate of $2.15 (from $2.05). Given the current share price within 10% of our target, we reiterate our HOLD rating as shares appear close to fully valued,” Auriga commented in the report.
Astronics closed yesterday at $35.07.
