J.P. Morgan is out with its report today on ESCO Technologies ESE, maintaining Neutral.
In its report, J.P. Morgan writes, "Lacking near-term catalysts, we expect ESE to perform in line with the mean of our coverage universe over the next 6-12 months. We are establishing December 2012 price target of $44.00 (from a December 2011 price target of $44.00) based on a multiple of 15x our CY13 PF EPS of $2.93. We believe the company is well positioned for long-term growth, modestly undervalued on a risk-adjusted basis, but at this time we believe there are better returns, with more immediate catalysts, elsewhere in our coverage universe."
Shares of ESE closed Tuesday at $34.04, down 1.90% from Monday's close.
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