J.P. Morgan downgraded Axsys Technologies (ticker: AXYS) on December 10th. The stock lost 49% from his high since then. The same analyst however upgraded the company twice since then, but the price barely moved.
Axsys makes high-performance surveillance cameras and imaging systems, used for everything from missile tracking to unmanned drones to vision enhancement. They offer life-saving applications, such as those used in the Army’s “We Own the Night” strategy in Afghanistan, and they act as force multipliers, which means more can be done with fewer boots on the ground.
Axsys supplies the Department of Defense, Border Patrol, Raytheon, Northrop Grumman, Lockheed Martin, Boeing and others.
Axsys is trading at just 13 times it expected earnings for 2010. It says it will ship 91% of its 184 mllion USD in backlog orders this year and the market cap is 835 million USD.
Recurrent revenue generated 70% of Axsys’ bookings last quarter. Other headlines: sales were up 34% year over year, EPS up 64%, backlog increased 18% and so on…
Maybe too early to buy, but worth following….
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