Karman 10-K delay appears more procedural than fundamental, says Evercore ISI

Evercore ISI reiterated an Outperform rating and $125 price target on Karman (KRMN) after the company filed for a delay in reporting its 10-K, with the company notably having experienced a similar delay last year when the IPO process required a full audit. While filing delays are relatively uncommon across Evercore’s coverage, the situation here appears more procedural than fundamental, as investor relations restated from its SEC notice that it does not anticipate any material changes to the financial information provided with the March 25 8-K filing, the analyst tells investors in a research note. The firm added that Karman has indicated it expects to file within the standard 15-day extension window, which the firm views as a positive signal and suggests there are no material underlying issues driving the delay at this time.