UPDATE: Topeka Capital Markets Reiterates Buy Rating, Raises PT on Esterline Technologies Corporation
In a report published Friday, Topeka Capital Markets reiterated its Buy rating on Esterline Technologies Corporation (NYSE: ESL), and raised its price target from $70.00 to $75.00.
Topeka Capital Markets noted, “Esterline reported 4Q GAAP EPS of $1.97 (up 218%) and well ahead of consensus of $1.60. We believe this outperformance will stop negative sentiment in its tracks, and offer strong support to shares currently trading at just 10.5x our FY13 estimate, and well below its historical valuation range. We are increasing our price target to $75 (from $70), and reiterate our Buy rating.”
Esterline Technologies Corporation closed on Thursday at $60.65.
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