Banc of America Ups Tektronix Price Target
Banc of America upgraded its estimates and price target on Tektronix (TEK), after the company on Thursday posted quarterly results.
Tektronix posted 30 cents third quarter earnings per share (EPS) compared to 26 cents EPS during the comparable quarter.
Analyst Mark Fitzgerald says the results were strong. Among other things he notes that on the product front, new oscilloscope platforms based on Silicon Germanium technology puts Tektronix ahead of the rest of the industry in the instrumentation market. He ups his $1.27 fiscal year 2006 (ending May) EPS estimate to $1.33, his $2.01 fiscal year 2007 estimate to $2.08 (excluding options expense), and his stock price target to $37.80. He reiterates his buy rating.