UPDATE: KeyBanc Capital Markets Upgrades Curtiss-Wright Corp. to Buy, Establishes $46 PT

In a report published Friday, KeyBanc Capital Markets upgraded its rating on Curtiss-Wright Corp. CW from Hold to Buy, and established a $46.00 price target. KeyBanc Capital Markets noted, “We are upgrading shares of Curtiss-Wright to BUY from HOLD and establishing a $46 price target. We have increased our revenue and earnings estimates for 2013 and 2014 due largely to the Company's recent string of acquisitions. For 2013, we are now modeling for revenues of $2.5 billion, up from our prior estimate of $2.3 billion, due primarily to recent acquisitions. On the bottom line, we are now modeling for earnings of $3.16, up from our prior estimate of $3.06. We are introducing 2014 estimates, modeling for revenue and earnings of $2.65 billion and $3.57, respectively. We anticipate that Street estimates will trend higher in the coming months and presently find valuation compelling. CW shares are currently trading at 9.8x our 2014 earnings estimate, below their historic forward P/E multiple of 14.2x and below the KBCM Diversified Industrial Index of 13.2x. We arrive at our $46 price target by applying a 13x multiple to our 2014 earnings estimate.” Curtiss-Wright Corp. closed on Thursday at $34.78.