UPDATE: KeyBanc Downgrades Esterline Technologies to Hold on Limited Visibility
KeyBanc reduced its rating on Esterline Technologies (NYSE: ESL) from Buy to Hold and removed its previous $66 price target.
KeyBanc said, "We are downgrading shares of Esterline Technologies Corporation (ESL-NYSE) to HOLD from BUY ahead of the Company's fiscal 4Q12 earnings release scheduled for Thursday after the market close. Since the end of August, ESL shares have performed well and are up 14% compared to the S&P 500 and its KBCM Commercial Aerospace peers, which are up 0% and 5.4%, respectively, over the same time period. Valuation may appear attractive, but … limited visibility in the face of the stock's recent performance gives us cause for concern; we believe near-term upside will be limited."
Esterline Technologies closed at $60.36 on Monday.
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