FBR Capital Raises price Target on Gentex Corp (GNTX) to $22
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FBR Capital reiterated an Outperform rating on Gentex Corp (NASDAQ: GNTX), and raised the price target to $22.00 (from $20.00), following the company's 3Q earnings report.
Analyst Christopher Horn commented, "Gentex continues to provide investors with an avenue to growth in an otherwise debatable auto industry. In 3Q16, the company considerably outgrew underlying industry volumes (10% sales growth vs. –0.4% industry production decline) and posted its highest quarterly gross margin in more than a decade. With 21 net new nameplate launches during the quarter—50% more than 3Q15 and about 5x more than 3Q14—we think Gentex is on track to continue at above-market growth rates. Yet perhaps the most important new piece of information for investors is this: Gentex now has five OEM partnerships in place for its high-price and high-margin full-display mirror product. We were previously only aware of four; of the five, GM is the only one that has been named. Our estimates peg FD mirror at ~2x–3x the company's current average selling price, and interest in the product from OEMs seems only to be growing. Overall, Gentex enjoyed a strong third quarter, and its growth plan seems very much on track. We reiterate our Outperform rating and raise our price target to $22 from $20 in order to reflect the promising opportunity in higher-priced content growth."
Shares of Gentex closed at $17.06 yesterday.
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