UPDATE: Ascendiant Capital Markets Downgrades Curtiss-Wright Following In-Line 3Q13 Results

In a report published Friday, Ascendiant Capital Markets analyst Christopher Bamman downgraded the rating on Curtiss-Wright CW from Buy to Neutral. In the report, Ascendiant Capital Markets noted, “Given that the shares have reached our target price of $50 and target multiple of 15.0x our 2014 EPS estimate of $3.35, we believe the shares reflect fair value along with current expectations. Curtiss-Wright reported 3Q13 EPS of $0.76 compared to $0.24 last year. While the quarterly results were ahead of our $0.74 projection, they were in line with the Street Consensus of $0.76. Relative to our expectations, revenues were ahead of our forecast coupled with better than expected operating leverage. For 2013 management reiterated its 2013 EPS guidance of a range of $2.75 to $2.85. Additionally, management does expect revenues to be at the upper end of its previously stated guidance of $2.48 billion to $2.52 billion. We are maintaining our EPS estimates of $2.82 and $3.35 for 2013 and 2014, respectively.” Curtiss-Wright closed on Thursday at $49.78.