UPDATE: Topeka Capital Markets Initiates Kaman at Hold on Valuation

Topeka Capital Markets initiated coverage on Kaman KAMN with a Hold rating and a $38 price target. Topeka Capital Markets noted, "Initiating coverage on Kaman Corporation with a Hold rating. Kaman is a leading aerospace components and industrial supply company, which we believe is well positioned from a competitive position, given its sole-source, proprietary bearings business, and its well diversified revenue base relative to other Aerospace and Defense names. However, given current valuation at nearly 14x our 2013 estimate, coupled with near-term uncertainty of defense spending, we are staying on the sidelines with a Hold rating and $38 price target." Kaman closed at $35.74 on Wednesday.