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JP Morgan Keeps 'Buy' on FLIR Systems

JP Morgan reiterates its buy rating on FLIR Systems (FLIR).

Analyst Joseph Arsenio says the Center For Financial Research & Analysis (CFRA) recently published a report raising several balance sheet issues related to the company's 2001 Form 10-K. He believes several incomplete assessments noted by CFRA caused an unwarranted sell-off in FLIR's stock. He does not believe the CFRA's arguments had enough substance to warrant this price weakness.

Arsenio says he expects improving fundamentals to determine valuation; he says weakness offers a compelling buying opportunity. Arsenio also noted that his 2002 estimates of $2.12 earnings per share, and $252.7 million in revenue are consistent with recently reaffirmed guidance. He maintains his $53 target.

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