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Fly News Breaks for February 28, 2020
Feb 28, 2020 | 08:55 EDT
Needham analyst Jason Ricchiuti lowered the firm's price target on Flir Systems to $50 from $56 but keeps a Buy rating on the shares. The analyst cites the company's Q4 earnings miss and disappointing FY20 guidance as well as its decision to eliminate the consumer-focused OTS product line and sell its under-performing Raymarine non-thermal electronics business in reducing his estimates. Ricchiuti contends however that investors' "legitimate timing questions" about Flir's growth opportunities are priced into the stock at current levels.