HSR Hi-Shear Technology Corp

Dutton Associates updates its coverage of Hi-Shear Technology Corporation (AMEX: HSR) with a Strong Buy rating and maintaining a $16.75 target price. The 6-page report by Dutton senior analyst Gerald A. Rothstein, CFA is available at www.jmdutton.com as well as from First Call, Bloomberg, Zacks, Reuters, Knobias, and other leading financial portals. Hi-Shear Technology remains a very attractive stock in our opinion because of its extremely strong balance sheet, high level of profitability, and strong industrial cycle accompanied by significant order increases and widening margins. As a result of some non-recurring items in this year�s third fiscal quarter, we are lowering our estimate for the May 2008 fiscal year to $0.71 per share from the prior estimate of $0.81 (and up from $0.50 a year ago). Our full year estimate implies a fourth quarter of $0.24 per share versus $0.15 a year earlier. Because, as we explain in our report, we believe they are legitimately non-recurring and because new orders remain high, we are not lowering our estimate for fiscal 2009 of $0.93 per share and are retaining our Strong Buy rating and our target price of $16.75. About Dutton Associates Dutton Associates is one of the largest independent investment research firms in the U.S. Its 30 senior analysts are primarily CFAs, and have expertise in many industries. Dutton Associates provides continuing analyst coverage of over 140 enrolled companies, and its research, estimates, and ratings are carried in all the major databases serving institutions and online investors. The cost of enrollment in our one-year continuing research program is US $35,000 prepaid for 4 Research Reports, typically published quarterly, and requisite Research Notes. Dutton Associates received $35,000 from the Company for 4 Research Reports with coverage commencing on 9/13/2007. We do not accept payment of our fees in company stock. Our principals and analysts are prohibited from owning or trading in securities of covered companies. The views expressed in this research report accurately reflect the analyst's personal views about the subject securities or issuer. Neither the analyst's compensation nor the compensation received by us is in any way related to the specific ratings or views contained in this research report or note. Please read full disclosures and analyst background at www.jmdutton.com before investing.