UPDATE: Topeka Capital Markets Initiates Esterline Technologies at Buy on Pipeline Strength

Topeka Capital Markets initiated coverage on Esterline Technologies ESL with a Buy rating and a price target of $70 a share. Topeka Capital Markets noted, "With a strategy around developing a leadership position in niche markets, we believe Esterline Technologies is well-positioned to benefit from higher commercial activity given its high degree of proprietary sole-source content on nearly every aircraft in operation today. Looking forward to 2013, we look for higher OEM production and a more stable operating environment of several key programs to bolster sales and margins. As such, we are initiating coverage of ESL with a Buy rating and $70 price target.: Esterline Technologies closed at $56.64 on Wednesday.