UPDATE: Deutsche Bank Cut PT to $40 on Curtiss-Wright Corp; Uncertain FY Outlook
Deutsche Bank reduces its price target from $42 to $40 on Hold-rated Curtiss-Wright Corp (NYSE: CW) on full-year outlook uncertainty despite a strong quarter.
Deutsche Bank says, "Underlying EPS of 48c was ahead of our/consensus estimates of 42c/45c on better Metal Treatment (1/3 of MT EBIT being sold) and lower corp/other expense. Rev was up 11% y/y (+3% organic) and slightly above our est. EBIT margin of 7.9%, while down 110bps y/y on restructuring, was above our 7.4% est thanks to better Metal Treatment. On balance, the quarter left us feeling less comfortable in Motion Control's ability to hit full year EBIT targets and lowering EPS/PT on '13 on both Motion Control and lower outlook for Metal Treatment."
CW closed at $35.26 on Wednesday.
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