UPDATE: Stifel Nicolaus Raises PT to $65 on FEI Company on Long Term Growth
Stifel Nicolaus reiterated its Buy rating on FEI Company (NASDAQ: FEIC) and increased its price target from $60 to $65.
Stifel Nicolaus said, "With the recent appreciation in the stock price, we are raising our target price for FEI to $65, which is based on 17x our FY13 (Dec) pro-forma EPS of $3.30, excluding options plus the net cash position. Although we are not raising our estimates at this time, we maintain our view that the company can grow once again in 2013 despite a relatively flattish outlook in its electronics (semi cap) business. We believe many of the company's emerging initiatives (like oil and natural resources) will be the key growth initiatives in not only 2013 but beyond."
FEI Company closed at $57.59 on Friday.
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