Zacks Reiterates “Neutral” Rating for Precision Castparts Corp. (PCP)
Precision Castparts Corp. (NYSE:PCP)‘s stock had its “neutral” rating reaffirmed by Zacks in a note issued to investors on Friday, American Banking News reports. They currently have a $243.00 price target on the stock. Zacks‘ price target would indicate a potential upside of 5.05% from the company’s current price.
Zacks‘ analyst wrote, “We are retaining our Neutral recommendation on Precision Castparts with a target price of $242. Reported revenues registered a hike of 20.4% year over year, while earnings grew 22.6%. The improved results in the recently reported quarter came on the back of increased demand in the commercial aerospace as well as strong oil and gas businesses. Two of the three reporting segments posted double digit revenue growth during the quarter. Furthermore, IGT is also showing good momentum in its aftermarket backlog as the company is shipping out large quantities of nickel-based, severe service tubular product over the upcoming four quarters. The company expects its major end markets to drive organic growth. In addition, the aerospace division is also performing well. Nevertheless, competition and pricing pressures remain our concerns. “
Other equities research analysts have also recently issued reports about the stock. Analysts at Credit Suisse raised their price target on shares of Precision Castparts Corp. (NYSE:PCP) from $240.00 to $287.00 in a research note to investors on Thursday. They now have an “outperform” rating on the stock. Separately, analysts at Wells Fargo & Co. reiterated a “buy” rating on shares of Precision Castparts Corp. (NYSE:PCP) in a research note to investors on Wednesday. They now have a $240.00 price target on the stock. Finally, analysts at CRT Capital raised their price target on shares of Precision Castparts Corp. (NYSE:PCP) from $243.00 to $265.00 in a research note to investors on Wednesday. They now have a “buy” rating on the stock. Three analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $254.56.
Precision Castparts Corp. (NYSE:PCP) traded up 0.37% on Friday, hitting $232.17. 174,302 shares of the company’s stock traded hands. Precision Castparts Corp. has a one year low of $160.78 and a one year high of $254.14. The stock’s 50-day moving average is $223.8 and its 200-day moving average is $213.. The company has a market cap of $33.789 billion and a price-to-earnings ratio of 22.35.
Precision Castparts Corp. (NYSE:PCP) last issued its quarterly earnings data on Thursday, July 25th. The company reported $2.88 EPS for the quarter, missing the Thomson Reuters consensus estimate of $2.90 by $0.02. The company had revenue of $2.37 billion for the quarter, compared to the consensus estimate of $2.53 billion. During the same quarter last year, the company posted $2.35 earnings per share. Precision Castparts Corp.’s revenue was up 20.4% compared to the same quarter last year. On average, analysts predict that Precision Castparts Corp. will post $12.08 earnings per share for the current fiscal year.
Precision Castparts Corp. (NYSE:PCP) is a manufacturer of metal components and products, provides investment castings, forgings and fasteners/fastener systems for critical aerospace and industrial gas turbine (IGT) applications.
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