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UPDATE: Credit Suisse Reiterates Outperform Rating, Raises PT on Precision Castparts

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In a report published Friday, Credit Suisse reiterated its Outperform rating on Precision Castparts (NYSE: PCP), and raised its price target from $191.00 to $199.00.

Credit Suisse noted, “In July when CEO Donegan addressed the market, he preluded several challenges into FQ2 after which short-term and momentum investors exited the stock, sending shares down 5% during the ensuing week. But, with expectations re-set heading into today's FQ2 release, the market shrugged off a $0.06 (3%) miss as investors returned to the name now that press outages are over and focus returns to strong cycle dynamics and operating leverage. Applying a 15% premium to the historical FY2 multiple on our CY'13 estimate yields our new $199 TP (from $191). Reiterate OP. Following a number of model adjustments, our FY'13/FY'14/FY'15E EPS are now $10.05 / $11.70 / $13.40 (from $10.25 / $11.72 / $13.21).”

Precision Castparts closed on Thursday at $167.18.

Latest Ratings for PCP

DateFirmActionFromTo
Nov 2014JefferiesMaintainsHold
Oct 2014RBC CapitalDowngradesTop PickOutperform
Oct 2014JP MorganDowngradesOverweightNeutral

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Posted-In: Credit SuisseAnalyst Color Price Target Analyst Ratings

 

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