Benchmark Has Hold Rating On FLIR Systems (FLIR)

Benchmark Capital has a Hold rating and a $28 price target on shares of FLIR Systems FLIR after the company reported earnings. In a note to investors, Benchmark writes, "FLIR reported a weaker than expected quarter on both Government and Commercial. Revenue and EPS were $373.5 million and $0.32 vs. consensus estimates of $382 million and $0.36. Revenue grew 30% from last year, primarily from the two acquisitions it made last year; organic growth was 1.6% y/y. Margin was negatively impacted from lack of Government BETSS-C/RAID shipments and product mix. EPS was down from $0.35 last year due to an almost 9% decrease in operating margin to 20.5%. Excluding one-time charges, EPS was $0.34. Government revenue was up 13% (down 7% excluding ICx) and Commercial revenue was up 51% (up 12% excluding Raymarine). The acquisitions of Raymarine and ICx contributed to $51 million and $31 million, respectively, during the quarter." Shares of FLIR gained 9 cents on Friday to close at $35.22, a gain of 0.26%.