Canaccord Genuity Maintains a 'Hold' on GeoEye (GEOY); Putting Market Volatility Into Context
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Price: $35.83 --0%
Rating Summary:
4 Buy, 6 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 19 | New: 22
Rating Summary:
4 Buy, 6 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 19 | New: 22
Trade GEOY Now!
Canaccord Genuity maintains a 'Hold' on GeoEye (NASDAQ: GEOY) price target lowered from $33 to $22.
Canaccord analyst, Jeff Rath, said, "We maintain our rating, but are lowering our target amid growing macro concerns around defense budget cuts. The outlook across all businesses now appears more uncertain, resulting in a lower multiple to value shares."
"Though the magnitude of defense budget cuts are in debate, we believe they are imminent, supported by recent government commentary...The GEOY financial model is extremely sensitive to US government uncertainty, and we believe the stock will remain volatile until more clarity around budget cuts is known."
For an analyst ratings summary and ratings history on GeoEye click here. For more ratings news on GeoEye click here.
Shares of GeoEye closed at $18.99 yesterday, with a 52 week range of $17.98-$44.68.
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Canaccord analyst, Jeff Rath, said, "We maintain our rating, but are lowering our target amid growing macro concerns around defense budget cuts. The outlook across all businesses now appears more uncertain, resulting in a lower multiple to value shares."
"Though the magnitude of defense budget cuts are in debate, we believe they are imminent, supported by recent government commentary...The GEOY financial model is extremely sensitive to US government uncertainty, and we believe the stock will remain volatile until more clarity around budget cuts is known."
For an analyst ratings summary and ratings history on GeoEye click here. For more ratings news on GeoEye click here.
Shares of GeoEye closed at $18.99 yesterday, with a 52 week range of $17.98-$44.68.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
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