Heico initiated with a Neutral at UBS

UBS initiated coverage of Heico with a Neutral rating and $277 price target The firm views Heico as a high quality aftermarket name with a unique business model and bolt-on acquisition strategy that drive double-digit cash flow compounding through the end of the decade. However, consensus estimates appear properly calibrated and UBS calculates a peer-high EBITDA multiple for shares, the analyst tells investors in a research note.