What Made Alembic Global Downgrade Esterline Techs’ Stock?
In a report released today, Peter Skibitski from Alembic Global downgraded Esterline Techs (NYSE: ESL) to Hold. The company’s shares closed yesterday at $115.41, close to its 52-week high of $116.
“We are lowering our rating given that we do not expect a higher bid.”
According to TipRanks.com, Skibitski is a 4-star analyst with an average return of 18.4% and a 76.0% success rate. Skibitski covers the Consumer Goods sector, focusing on stocks such as General Dynamics Corp, L3 Technologies Inc, and Huntington Ingalls.
Currently, the analyst consensus on Esterline Techs is a Hold with an average price target of $97.25, implying a -15.7% downside from current levels. In a report released yesterday, Credit Suisse also upgraded the stock to Hold with a $122 price target.
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Based on Esterline Techs’ latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of $27.82 million. In comparison, last year the company had a net profit of $29.78 million.
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Esterline Technologies Corp. engages in the manufacture of aircraft parts and components, automated drilling products and machine tool systems. It operates through the following segments: Avionics & Controls; Sensors & Systems; and Advanced Materials.