UPDATE: KeyBanc Upgrades Astronics Corporation to Buy, Names $30 PT Following 4Q12 Results
In a report published Monday, KeyBanc upgraded its rating on Astronics Corporation (NASDAQ: ATRO) from Hold to Buy, and named a $30.00 price target.
KeyBanc noted, “We are upgrading shares of Astronics Corporation (ATRO-NASDAQ) to BUY from HOLD following the release of 4Q12 results as we have gained additional confidence over the last several quarters in management's ability to fund elevated levels of R&D while sustaining solid margins within the aerospace business and believe the Company's growth prospects, particularly in the bizjet market, offer investors a compelling risk/reward at current levels. Additionally, our concerns around an overly conservative initial outlook for 2013 have been alleviated and the selling pressure from the largest shareholder has abated, allowing us to become more constructive on the Company.”
Astronics Corporation closed on Friday at $24.91.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.