UPDATE: Canaccord Genuity Initiates Coverage on Precision Castparts as Growth and Margin Story are Intact

In a report published Thursday, Canaccord Genuity analyst Ken Herbert initiated coverage on Precision Castparts Corp. (NYSE: PCP) with a Buy rating and $264.00 price target.

In the report, Canaccord Genuity noted, “We are initiating coverage of Precision Castparts (PCP) with a BUY rating and a $264 price target. We believe PCP stock will be driven by better than expected execution, reflected in industry-leading margins and cash flow, and additional acquisitions. As the 787 continues to ramp and power revenues improve, we believe more normalized organic growth will also help the stock.”

Precision Castparts Corp. closed on Wednesday at $229.91.