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Fly News Breaks for February 28, 2020
Feb 28, 2020 | 07:08 EDT
As previously reported, SunTrust analyst Michael Ciarmoli downgraded Flir Systems to Hold from Buy with a price target of $50, down from $61. The analyst notes that after the company's Q4 earnings miss and below-consensus FY20 guidance, he no longer has the confidence in his long term thesis and financial projections. Ciarmoli adds that 2021 is now likely to become a "transition year" as Flir Systems management calibrates operations for slower growth amid "increased operating expense and lower margin defense revenues."