UPDATE: Deutsche Bank Raises PT to $32 on Curtiss-Wright Following Acquisition
Deutsche Bank reiterated its Hold rating on Curtiss-Wright (NYSE: CW) but raised its price target from $32.00 to $38.00.
Deutsche Bank noted, "We are raising our target [to $38 from $32] and 2013 revenue growth estimate for CW on the back of this morning's announcement that CW has acquired Germany-based Phönix Group for $106M in cash. Our '13 EPS estimate of $3.15 [consensus: $3.00] is unchanged as modest underlying accretion [~2c] is likely offset by acquisition-related costs and incremental interest expense [deal expected to close in 1Q13]. Maintain Hold due to near-term accretion uncertainty/execution risk."
Curtiss-Wright closed at $34.07 on Friday.
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