UPDATE: Canaccord Genuity Initiates Coverage on Esterline Technologies on Positive Catalysts, Continued Risks

In a report published Thursday, Canaccord Genuity analyst Ken Herbert initiated coverage on

with a Hold rating and $85.00 price target. In the report, Canaccord Genuity noted, “We are initiating coverage of Esterline Technologies (ESL) with a HOLD rating and an $85 price target. We believe positive catalysts from new management and commercial market strength are likely to be offset by continued timing risk on defense revenues and 2014 aftermarket upside. We also see risk to F2014 estimates.” Esterline Technologies Corporation closed on Wednesday at $77.12.