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KeyBanc has upgraded KLX Inc (NASDAQ: KLXI) to Overweight from Sector Weight and established a $40 price target as it expects the distributor of aerospace fasteners to deliver a better performance in the second half of 2016.
"While end market conditions remain challenged, we believe KLXI's ESG unit has bottomed and expect modest seq'l improvements going forward," analyst Michael Ciarmoli wrote in a note.
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In addition, the company's EPS and cash flow numbers would be "better" in the coming quarters due to the easier 2H16 ASG comps, the benefits of the Herndon acquisition and restructuring.
Ciarmoli sees Herndon acquisition to contribute about $88 million of revenue in FY16, pushing total ASG revenue growth in FY16 to 9.5 percent. Over the next 18 months, synergies are expected to push Herndon EBITDA margins closer to 23 percent, up from 15 percent in 2015.
"We currently assume Herndon adds $0.30 to EPS in FY17," the analyst highlighted.
Further, over the next 12-24 months, the company's ESG unit should benefit from potential uptick in the industry M&A, modest rise in E&P capex in 2017 and addition of rig counts in regions such as Permian.
Shares of KLX closed Friday's session at $32.90.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.