S&P Capital IQ Downgrades Precision Castparts from STRONG BUY to BUY

October 28 00:00 2011

New York, October 28 (RainbowNewsLine.com) – Analyst Richard Tortoeiello of S&P Capital IQ downgrades Precision Castparts (NYSE: PCP) from STRONG BUY to BUY. The target price has been raised from $190 to $200.

Analyst Richard Tortoreillo, in a research note published yesterday mentions that the company has reported its Q3 EPS ahead of the estimates, driven by 19% sales growth. Precision Castparts’ operating margins grew 40bps to 24.4%, reflecting improvement in all segments but Fasteners, the analyst says. The EPS estimates for FY 2012 (Mar) and 2013 have been raised from $8.50 to $8.55 and from $9.90 to $10.15, respectively based on the improvements in Fasteners, market share gains and strong outlook across Endo Pharmaceutical’s markets, the analyst adds.