UPDATE: Dahlman Rose Initiates Geospace Technologies at Buy on Secular Strength
Dahlman Rose initiated coverage on Geospace Technologies (NASDAQ: GEOS) with a Buy rating and a $85 price target.
Dahlman Rose commented, "We are initiating coverage of GEOS with a Buy rating and an $85 price target. Given GEOS' first-mover advantage, consistent success, and leading market share of wireless channels, we are applying a 17x P/E multiple on our 2013 calendar earnings estimate. We forecast EBITDA and EPS of $69 million and $3.16 in FY2012 and $107MM and $5.00 in FY2013."
Geospace Technologies closed at $74.72 on Monday.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.