Date: 2013-08-01

Deutsche Bank Upgrades Kaydon Corp. (KDN) to Buy; $58 PT

Deutsche Bank Upgrades Kaydon Corp. (KDN) to Buy; $58 PT

Deutsche Bank upgrades Kaydon Corp. (NYSE: KDN) from Hold to Buy and maintains its $58 price target.

The firm said it is very optimistic about "the prospects for the wind bearings market" and expects revenues for Kaydon's wind business to grow by 55% in 2009. Additionally, Deutsche feels that Kaydon's earnings will be highly visible throughout '08, and said that companies with such visibility will become more attractive as the U.S. economy continues to slow.

On the other hand, the firm does recognize that near-term headwinds due to greater uncertainty in the macro environment could affect earnings, and Deutsche lowered its FY08 EPS estimate from $2.71 to $2.69, versus the consensus of $2.73.

Kaydon Corporation engages in the design and manufacture of custom engineered products in the United States and internationally.

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