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In a report published Friday, Imperial Capital analyst Ken Herbert initiated coverage on Erickson Air-Crane
EAC with an In-Line rating and $30.00 price target.
In the report, Herbert noted, “We believe EAC has clearly established a leadership position in the global heavy-lift helicopter market, and its recent acquisition of Evergreen Helicopter (EHI) further establishes its leadership position. However, we believe that with the stock now basically trading consistent with its peers, after a ~240% increase in the shares since its IPO on 4/11/12, it reflects much of the current upside. In addition, we believe the lack of catalysts, the focus on execution, potential for net selling, and slightly higher than average leverage will likely limit further multiple expansion.”
Erickson Air-Crane closed on Thursday at $28.05.
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