UPDATE: D.A. Davidson Reiterates Buy Rating, Raises PT on Erickson Air-Crane on Unique Opportunity

In a report published Monday, D.A. Davidson reiterated its Buy rating on Erickson Air-Crane

, and raised its price target from $12.00 to $15.00. D.A. Davidson noted, “Maintaining BUY, raising target price. We are raising our target price on EAC shares from $12 to $15. Our new target is based on shares trading at 10x our 2013 EPS estimate of $1.50. Our 10x target multiple is similar to other service levered aerospace comps. Erickson is a unique opportunity, coupling a growing service business with the potential of significantly higher revenue and EBITDA through aircraft sales.” Erickson Air-Crane closed on Friday at $11.70.