Esterline Technologies Corp. Rating Lowered to Underperform at Bank of America Corp. (ESL)
Esterline Technologies Corp. (NYSE:ESL) was downgraded by equities research analysts at Bank of America Corp. from a “neutral” rating to an “underperform” rating in a research note issued to investors on Friday, AnalystRatingsNetwork reports. They currently have a $77.00 price objective on the stock, up from their previous price objective of $76.00. Bank of America Corp.’s price target would indicate a potential downside of 5.07% from the company’s current price.
The analysts wrote, “Based on 3Q13 results we are revisiting our model. As outlined in the table on page 3, we are updating our model post 3Q13 to account for the Racal goodwill impairment charge of $3.5mn ($0.11/share) and the $10mn charge related to compliance errors ($0.31/share) as well as slower defense sales going forward (vs. our previous expectation). While we are leaving our FY13 estimate excluding these charges unchanged, our GAAP estimate is $0.42 lower at $4.88 vs. $5.30 previously.”
Esterline Technologies Corp. (NYSE:ESL) traded down 1.95% during mid-day trading on Friday, hitting $79.53. The stock had a trading volume of 28,638 shares. Esterline Technologies Corp. has a one year low of $54.77 and a one year high of $85.30. The stock’s 50-day moving average is $80.24 and its 200-day moving average is $76.96. The company has a market cap of $2.495 billion and a price-to-earnings ratio of 15.97.
Esterline Technologies Corp. (NYSE:ESL) last posted its quarterly earnings results on Thursday, August 29th. The company reported $1.65 EPS for the quarter, beating the Thomson Reuters consensus estimate of $1.53 by $0.12. The company had revenue of $478.10 million for the quarter, compared to the consensus estimate of $505.90 million. During the same quarter in the prior year, the company posted $1.12 earnings per share. The company’s quarterly revenue was down 1.6% on a year-over-year basis. Analysts expect that Esterline Technologies Corp. will post $5.36 EPS for the current fiscal year.
A number of other analysts have also recently weighed in on ESL. Analysts at Credit Suisse reiterated an “outperform” rating on shares of Esterline Technologies Corp. (NYSE:ESL) in a research note to investors on Friday, August 30th. Separately, analysts at Zacks reiterated a “hold” rating on shares of Esterline Technologies Corp. (NYSE:ESL) in a research note to investors on Friday, August 30th. They now have a $77.30 price target on the stock. Finally, analysts at Jefferies Group raised their price target on shares of Esterline Technologies Corp. (NYSE:ESL) from $84.00 to $92.00 in a research note to investors on Friday, August 30th. They now have a “buy” rating on the stock. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $77.76.
Esterline Technologies Corporation (NYSE:ESL) is a manufacturing company serving aerospace and defense customers.
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