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.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
date
ticker
name
Price Target
Upside/Downside
Recommendation
Firm
Posted In: Analyst ColorDowngradesAnalyst RatingsAscendiant Capital MarketsChristopher Bamman
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!