Monday April 2, 01:49 PM
EDO upgraded to "buy"
NEW YORK, April 2 (newratings.com) - Analysts at BB&T Capital Markets upgrade EDO Corporation (ticker: EDO) to "buy," while raising their estimates for the company. The 12-month target price is set to $31.
In a research note published this
morning, the analysts mention that the company is well positioned to win a part of the $200-$500 million counter-improvised explosive device (IED) CREW 2.1 Force Protection (FRPT - news) contract going ahead. The company's fundamentals have improved, with significant free cash flow growth and substantial acceleration in internal growth since October 2006, BB&T Capital Markets adds. The EPS estimate for 2007 has been raised from $1.79 to $1.80.
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