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Curtiss Wright cut to Neutral at BofA Merrill Lynch

  • Curtiss-Wright (CW +0.2%) largely shrugs off a downgrade at BAML today, as the firm cut the shares to Neutral but raised its price target from $42 to $46.
  • The firm says that after last week's Q2 results it's updating its model to incorporate higher margin expectations.
  • Specifically, it's increasing its Flow Control margin assumption to 9% from 8.9% and Surface Technologies to 16.9% from 16.5%.
  • As a result, it's increasing FY13 EPS estimates to $2.85 from $2.80, which is on the high end of management's updated outlook of $2.75-$2.85.
  • However, the firm is taking a conservative stance on the shares for now and moving to the sidelines as the company still has to integrate all of its recent acquisitions.
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