Canaccord Genuity Cuts Price Target on Esterline Technologies (ESL) Following 9c EPS Miss

Canaccord Genuity maintained a Buy rating on Esterline Tech (NYSE: ESL), and cut the price target to $120.00 (from $130.00), following the company's 3Q15 earnings results. Adjusted EPS of $1.33 missed Street's estimate by 9c. Revenues of $496M missed Street's $531M estimates.

Analyst Ken Herbert commented, "Esterline Technologies (ESL) reported softer than expected Q3/15 adj. EPS of $1.33, with revenues of just $496M. We did get a better than expected margin performance, but this was overshadowed by the weaker than expected sales and the reduction to 2015 guidance. We expect the stock to be under pressure, but while we continue to like ESL for the margin expansion opportunity, clearly sales are a greater headwind than anticipated."

For an analyst ratings summary and ratings history on Esterline Tech click here. For more ratings news on Esterline Tech click here.

Shares of Esterline Tech closed at $81.92 yesterday.

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