UPDATE: Wedbush Raises PT to $50 on ESCO Technologies on Revenue Visibility

Wedbush maintained ESCO Technologies Inc.

with an Outperform rating and raised the price target from $38.00 to $50.00. Wedbush commented, "We are reiterating our OUTPERFORM rating and are raising our target to $50 (from $38) reflecting an 18x multiple on FY14 EPS estimates. Our targets uses an 18x multiple on FY14 EPS estimates (vs. a 15x on FY13E EPS previously), which we see as fair given good visibility on revenue acceleration driven by SoCalGas. Considering ESCO's long-term 20x average P/EPS trading multiple, an improving outlook for large project awards should drive further multiple expansion." ESCO Technologies closed at $42.02 on Tuesday.