UPDATE: Bank of America Merrill Lynch Initiates Coverage on Esterline Technologies with Neutral Rating, $66 PO
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
|Aug 2015||CL King||Initiates Coverage on||Neutral|
|Jun 2015||Canaccord Genuity||Maintains||Buy|
|Apr 2015||Goldman Sachs||Downgrades||Buy||Neutral|
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.