Hudson Initiates Copa Holdings at Buy (CPA)

Hudson is out with its report today on Copa Holdings CPA, initiating CPA at Buy. In a note to clients, Hudson writes, "We are initiating coverage on Panama-based Copa Holdings with a Buy rating and a $68 target price based on shares trading at 12x our 2011 EPS estimate of $5.65. Shares are 20`% off a 52 week high on Middle East unrest, the subsequent spike in fuel prices, and recently, global economic worries tied to the Japan's earthquake, risks we believe recede over our 6-12 month outlook. Consequently, we view the recent pullback in shares as a great opportunity for investors looking for a higher quality growth business with emerging market exposure." Shares of CPA closed Wednesday at $50.42.