Ezion

Ezion: CSLA raising TP on Ezion from $2.24 to $2.67 implying 37% upside. Following multiple announcements including two contract wins, one divestment and a share placement over the past week house revised up FY14 earnings by 11.5%. With 45% earnings cagr over FY12-15. House believe Ezion will continue to re-rate through 2013 driven by new contract wins. At 8x FY14 PER valuations are still attractive. House maintains Conviction BUY.