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In a report published Wednesday, Jefferies analyst R. Scott Graham reiterated a Hold rating on the Barnes Group
B and raised the price target from $37.00 to $38.00.
In the report, Jefferies says "Aerospace OE sales have performed well for B; after-market (AM) has not. But we like the outlook for both. In OE, management noted B is trying to win more content on key platforms, and industry-wise, Boeing and Airbus backlogs contain seven years of shipments. During the meetings we became more comfortable with the debookings in 3Q13 and expect replacement orders in coming quarters. We believe OE sales will continue to grow. AM sales have declined for six consecutive quarters, but we feel more confident these sales have bottomed following the meetings. Based on shop visits expectations for key engines B serves and favorable datapoints of other AM players in 3Q13, we estimate AM sales will begin to grow in 2014."
The Barnes Group closed on Tuesday at $35.71.
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