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Fly News Breaks for October 11, 2018
ESL, TDG
Oct 11, 2018 | 09:31 EDT
SunTrust analyst Michael Ciarmoli raised his price target on TransDigm (TDG) to $436 and kept his Buy rating to reflect the impact of its Esterline (ESL) acquisition. The analyst notes that while the purchase multiple of 12.5-times his expected FY19 EBITDA "looks rich for a challenged asset", there is "ample runway for cost cutting opportunities". While Ciarmoli expectes some $500M-$600M in revenue to be divested to help finance the deal, he also sees it generating the "next leg up of stock appreciation".
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