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UPDATE: Bank of America Merrill Lynch Initiates Coverage on Esterline Technologies with Neutral Rating, $66 PO

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UPDATE: Credit Suisse Downgrades Esterline Technologies Following Disappointing FQ1 Report
Earnings Scheduled For March 5, 2015

In a report published Friday, Bank of America Merrill Lynch initiated coverage on Esterline Technologies Corporation (NYSE: ESL) with a Neutral rating and $66.00 price objective.

BofA Merrill Lynch noted, “We view ESL as a well diversified supplier, with approximately 40% of sales from Defense, 40% from commercial aerospace and 20% from industrial. However, the company's exposure to the defense end market has caused recent headwinds for the company. We expect these end market pressures will continue as the US defense budget faces increased scrutiny. Furthermore, we believe the company's exposure to aftermarket sales (30% of sales) will present further pressure on earnings.”

Esterline Technologies Corporation closed on Thursday at $58.47.

Latest Ratings for ESL

DateFirmActionFromTo
Mar 2015Credit SuisseDowngradesOutperformNeutral
Jan 2015KeyBancUpgradesHoldBuy
Dec 2014JefferiesMaintainsBuy

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Posted-In: Bank of America Merrill LynchAnalyst Color Initiation Analyst Ratings

 

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