Analysts See More Upside For Loar Holdings Stock: What You Need To Know
Loar Holdings (NYSE:LOAR) saw coverage from several major analyst firms on Monday, marking the end of the research quiet period following the company's IPO.
Analyst Initiations: Morgan Stanley analyst Kristine Liwag initiated coverage on Loar Holdings with an Equal-Weight rating and a price target of $55. RBC Capital analyst Ken Herbert began coverage with an Outperform rating and a price target of $60. Additionally, Citigroup analyst Jason Gursky issued a Buy rating with a price target of $64.
What To Know: Loar Holdings went public last month in an IPO priced at $28 per share. The stock made a strong debut, opening for trade at $45 per share, significantly above the initial offering price. The IPO received positive market reception, reflecting investor confidence in the company's growth potential.
Loar Holdings, a leader in the aerospace and defense industry, designs and manufactures advanced components and systems for commercial and military applications. Key competitors include companies like Honeywell International, Raytheon Technologies, and Boeing.
What Else: Loar Holdings reported its first quarterly financial results as a public company last week. Loar delivered net sales of $91.8 million, representing a 23.7% increase year-over-year. The company achieved net income of $2.2 million and ended the quarter with $28.15 million in cash and equivalents. For fiscal-year 2024, Loar Holdings projects net sales between $370 million and $374 million and adjusted EPS between 41 cents and 43 cents.
Monday’s favorable analyst coverage suggests Loar Holdings is well-positioned for continued growth in the aerospace and defense sector.
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LOAR Price Action: Loar Holdings shares were down 2.35% at $50.32 at the time of publication Monday afternoon, according to Benzinga Pro.
Image: Courtesy of Loar holdings