UPDATE: Benchmark Maintains Hold on FLIR Systems and Lowers PT to $18

Benchmark maintained a Hold rating on FLIR Systems

and lowered its price target to $18. Benchmark commented, “The company expects Q2 sales and EPS to be approximately $338 million (down 13% y/y) and $0.26 vs. consensus estimates of $380 million and $0.36. Excluding one-time severance charges, pro forma EPS is $0.30. FLIR will release full Q2 results on Thursday July 26, before the open; a conference call is scheduled at 8 AM ET. We estimate the results reflect about a 13% y/y decrease to both Commercial and Government; previously we had Commercial growing 8% y/y in Q2.” FLIR Systems closed at $18.33 on Monday.