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Hapoalim bank downgraded today to market perform.

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genisi   Monday, 07/23/07 10:21:32 AM
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Hapoalim bank downgraded today to market perform.

Hapoalim cuts Elbit Systems
"Revenue will grow this year but profitability will be harmed."
Adi Ben Israel 23 Jul 07 13:15
In advance of the company's second quarter financials, Bank Hapoalim has cut its recommendation for Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) to "Market Perform" from "Outperform" and set a target price of $45, 4.5% over the company's current market price. Bank Hapoalim believes that Elbit Systems' revenue has grown in the second quarter, and that its orders backlog is at a record level, but fears that its profitability will remain low.

"We feel that the bottleneck in Elbit Systems' activity is its low profit margins," Bank Hapoalim says. "The company's profitability in 2007 could be harmed as a result of the crisis at Elisra and currency appreciation. Financing costs will increase as a result of the taking of credit to finance the acquisition of Tadiran Communications, as well as the appreciation of the shekel."

Bank Hapoalim believes that while a strong orders backlog will ensure further revenue growth for Elbit Systems this year, the labor dispute at Elisra and the shekel appreciation are likely to harm profitability. "Elbit Systems' revenue for 2007 will total $1.85 billion, with net profit coming in at just $82.4 million (excluding one-time amortizations)," it predicts.

Published by Globes [online], Israel business news - www.globes.co.il - on July 23, 2007



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