UPDATE: Stifel Nicolaus Raises PT on Precision Castparts Following Model Update, F2015 Forecast

In a report published Monday, Stifel Nicolaus analyst Stephen Levenson reiterated a Buy rating on Precision Castparts PCP, and raised the price target from $235.00 to $260.00.

In the report, Stifel Nicolaus noted, “In an effort to provide a clearer picture of our forecasts for Precision Castparts, we are updating our model to be more consistent with the way Precision presents earnings results and reducing revenue a bit to account for pass-throughs, equipment outages for refurbishment, and customer inventory adjustments. We are also introducing our F2015 forecast, which calls for EPS of $14 on revenue of $10.27 billion. Finally, we are increasing our target price up to $260, and would use the recent decline as a buying opportunity.”

Precision Castparts closed on Friday at $218.54.