Zacks Investment Research downgraded shares of FLIR Systems, Inc. (FLIR) from NEUTRAL to UNDERPERFORM on July 20, 2012, with a target price of $17.00.
We are downgrading our recommendation on Flir Systems from Neutral to Underperform. The competitive landscape in the industry is likely to hinder the company's business going forward. The current volatile macro-economic condition is also expected to hamper Flir's bookings activity especially in the specified regions moving forward. Besides, government budgetary constraints, funding delays and stringent regulatory compliance remain as headwinds. However, the company's moderated price structure and best quality services are likely to augment its growth in future. Flir's recent contract-wins are also likely to heighten its revenue stream in the quarters ahead. Moreover, the company's cost-control strategy is laudatory.
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