Jefferies Reiterates Buy Rating on Kaman Corp. (KAMN)

Jefferies is out with a research report this morning, where it reiterates its Buy rating on Kaman Corp. KAMN; it has a $33.00 price target on the stock. The Jefferies analysts said that, with several solid business wins and the completion of a previously announced acquisition, they have increased confidence in Kaman's ability to turn in solid operating performance. The analysts see further upside in the shares on a stronger 2011 and beyond as key aero platforms ramp. They also raised estimates for 2011 and 2012. As for valuation, the analysts remarked, “Our $33 price target is based on a 16x PE multiple on our $2.02 EPS estimate for 2011. This is toward the middle of the historical range from roughly 12X to 23X, which, given the positive outlook, seems reasonable.”