UPDATE: Topeka Capital Markets Initiates Esterline Technologies at Buy on Pipeline Strength

Topeka Capital Markets initiated coverage on Esterline Technologies (NYSE: ESL) with a Buy rating and a price target of $70 a share.

Topeka Capital Markets noted, "With a strategy around developing a leadership position in niche markets, we believe Esterline Technologies is well-positioned to benefit from higher commercial activity given its high degree of proprietary sole-source content on nearly every aircraft in operation today. Looking forward to 2013, we look for higher OEM production and a more stable operating environment of several key programs to bolster sales and margins. As such, we are initiating coverage of ESL with a Buy rating and $70 price target.:

Esterline Technologies closed at $56.64 on Wednesday.

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