Citi Assumes Coverage on Eastman Kodak (EK) with a Sell; Current Valuation Unattractive
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Citi is assuming coverage on Eastman Kodak Co (NYSE: EK) with a Sell from a Hold. Price target lowered from $16 to $13.
Citi analyst says, "Given the headwinds of higher commodity costs, losses in consumer inkjet and $125M in additional investment to accelerate time-to-market on “lynchpin” digital products, we believe consensus 2H08 EPS estimates and guidance are too high. Our modeling also suggests that it will take at least one year longer to reach $1.00 in non-GAAP EPS than the sell-side is currently modeling...At 27X our forward twelve-month earnings estimate of $0.61, we view current valuation as unattractive."
Eastman Kodak Company provides imaging technology products and services to the photographic and graphic communications markets.
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