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Early Bird Capital Initiates Coverage on Astronics (ATRO)

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Early Bird Capital initiated coverage of Astronics (NASDAQ: ATRO). In a research report published today, Early Bird put a Hold rating on Astronics. It does not have a price target on the company, however.

In the report, Early Bird states, "Currently we are very bullish on the aerospace cycle and all of its suppliers. Given ATRO's positioning to the aerospace cycle (commercial - 56% of 2010 sales and business jets – 12% of 2010A sales); we believe ATRO is well positioned. That said, it appears that many view ATRO the same as we do as the stock has performed very well (up about 24% YTD) and is currently not trading at its usual discount to the group. We see no reason why that should change and we believe at 7.2x forward EBITDA that shares of ATRO are fully valued."

On Monday, Astronics lost 4.53% of its value to close the day at $26.23.

 

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Posted-In: Astronics Early Bird CapitalAnalyst Color Initiation Analyst Ratings

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