UPDATE: Benchmark Upgrades American Science & Engineering to Buy on 2013 Visibility

Benchmark raised its rating on American Science & Engineering ASEI from Hold to Buy and established a price target of $67 a share. Benchmark commented, "Our upgrade is based on improving visibility in FY13 for both service and cargo revenues, as well as potential upside in FY13/14 from a large Foreign Military Sales (FMS) order and from cargo screening services. … We believe AS&E continues to have an active international pipeline, particularly in the Middle East, Latin America, Africa, and Asia. We like AS&E's strategy of developing smaller, lower-cost, differentiated products and moving into Build- Operate-Transfer (BOT) for cargo screening at seaports and border checkpoints. This new strategy will expand AS&E's addressable market and should drive long- term growth. American Science & Engineering closed at $55.98 on Monday.