KeyBanc Upgrades Kaman To Buy, Initiates $38 PT (KAMN)

KeyBanc Capital Markets upgraded Kaman KAMN from Hold to Buy and initiated a $38 price target for Kaman shares in a research report published today. In the report, KeyBanc states, "In short, our positive view is based on the fact we are: 1) increasingly comfortable with the Company's ability to meaningfully expand margins at Kaman Industrial Technologies (KIT) through its long-term improvement plan; 2) we believe commercial aerospace markets have reached an inflection point and are poised to accelerate through 2011-2012; and 3) we expect KAMN's military businesses to prove more resilient based on favorable program positioning, new content wins and the resolution of its JPF production issues." Shares of Kaman closed last Friday at $31.93, reflecting no change from last Thursday's market close.