Credit Suisse Initiating Coverage on Heico

Credit Suisse is initiating coverage on Heico Corp

with an Outperform rating and a $69 price target. In a note to clients, Credit Suisse writes, "We view HEI as an aftermarket-driven growth story with unique market share opportunities, which should enable it to outgrow peers, especially when end markets are weak. Further, HEI has a proven track record, strong management team, solid free cash flow (

) generation, and a conservative balance sheet. We blend historical multiples with a DCF to derive our $69 TP, offering 41% upside potential. Our FY'11-'13 EPS estimates are $1.72, $1.95, and $2.31." Shares of HEI lost $2.17 yesterday to close at $46.66, a loss of 4.44%.