In a report released today, Kristine Liwag from Morgan Stanley maintained a Buy rating on Curtiss-Wright (CW – Research Report), with a price target of $284.00.
Kristine Liwag’s rating is based on a confluence of positive indicators and the company’s solid performance. Curtiss-Wright has demonstrated a robust start to 2024, notably surpassing earnings per share (EPS) expectations in the first quarter and subsequently raising their full-year EPS forecast. This conservative yet optimistic financial outlook, combined with the company’s strong free cash flow projections, signals a confident strategic posture as they approach their May investor day. Although a one-off naval contract adjustment created a minor setback, management’s reassurance of its isolated nature and the company’s persistent outperformance compared to its Navy supplier peers further justify Liwag’s confidence in the stock.
Additionally, the Defense Electronics segment has been particularly impressive, thriving on a surge in both domestic and international demand for tactical communications and computing products. This success contributed significantly to the first-quarter earnings beat and the increased full-year guidance. Morgan Stanley’s elevated price target for Curtiss-Wright reflects the updated guidance and a valuation adjustment to better align with industry peers. Looking ahead, the upcoming investor day is anticipated to be a pivotal moment, potentially revealing growth strategies and new long-term targets that could serve as catalysts for the stock’s appreciation.
In another report released yesterday, Stifel Nicolaus also maintained a Buy rating on the stock with a $272.00 price target.
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Curtiss-Wright (CW) Company Description:
Curtiss-Wright Corp. is a manufacturing and service company, which engages in the design, manufacture and overhaul of precision components; and provides engineered products & services to the aerospace, defense, power generation and general industrial markets. It operates through the following segments: Commercial/Industrial, Defense, and Power. The Commercial/Industrial segment comprises of businesses that involves in offering of engineered products and services supporting critical applications primarily across the commercial aerospace and general industrial markets. This segment also includes electronic throttle control devices and transmission shifters, electro-mechanical actuation control components, valves, and surface technology services such as shot peening, laser peening, coatings, and advanced testing. The Defense segment includes commercial off-the-shelf embedded computing board level modules, integrated subsystems, turret aiming and stabilization products, weapons handling systems, avionics and electronics, flight test equipment, and aircraft data management solutions. The Power segment includes main coolant pumps, power-dense compact motors, generators, secondary propulsion systems, pumps, pump seals, control rod drive mechanisms, fastening systems, specialized containment doors, airlock hatches, spent fuel management products, and fluid sealing products. The company was founded on July 5, 1929 and is headquartered in Charlotte, NC.
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