UPDATE: Wedbush Raises PT on HEICO to $57

Wedbush is out with its report today on HEICO HEI, raising its PT to $57 from $55. In its report, Wedbush writes, "We are raising our price target to $57 from $55. Our price target is based on a 28x EPS multiple, a 13x EBITDA multiple, and a 3.0x sales multiple, all applied to our NTM estimates. We believe the strong cash flow and conservative balance sheet, coupled with the strength of the competitive PMA position, justify the premium that HEICO stock enjoys relative to its peers." Wedbush maintains Outperform on HEI. Shares of HEI closed Thursday at $53.72.