Needham & Company Maintains a 'Hold' on Park Electrochemical (PKE); Cutting Estimates as Meaningful Revenue Growth Elusive
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Price: $24.71 +3.43%
Rating Summary:
1 Buy, 0 Hold, 0 Sell
Rating Trend:
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Today's Overall Ratings:
Up: 8 | Down: 12 | New: 30
Rating Summary:
1 Buy, 0 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 12 | New: 30
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Needham & Company maintains a 'Hold' on Park Electrochemical (NYSE: PKE).
Analyst, Sean K.F. Hannan, said, "Overall, we believe the broader sluggishness in the enterprise and infrastructure environment (namely, telecom/datacom) is weighing on a product portfolio that has yet to see meaningful momentum from new products or its advanced composites group. While we believe PKE is likely to see some degree of cost relief in the next 2-3 quarters, we hold the opinion that the company is primarily growth-challenged (and thus positive impacts to the model are likely to be muted). Consequently, we maintain our Hold until stronger growth prospects materialize."
FY13 EPS estimate cut from $1.18 to $1.12 and FY14 from $1.64 to $1.57. FY13 revenues cut from $194 million to $191 million and FY14 from $214 mln to $208 mln.
For an analyst ratings summary and ratings history on Park Electrochemical click here. For more ratings news on Park Electrochemical click here.
Shares of Park Electrochemical closed at $23.87 yesterday, with a 52 week range of $19.44-$32.19.
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Analyst, Sean K.F. Hannan, said, "Overall, we believe the broader sluggishness in the enterprise and infrastructure environment (namely, telecom/datacom) is weighing on a product portfolio that has yet to see meaningful momentum from new products or its advanced composites group. While we believe PKE is likely to see some degree of cost relief in the next 2-3 quarters, we hold the opinion that the company is primarily growth-challenged (and thus positive impacts to the model are likely to be muted). Consequently, we maintain our Hold until stronger growth prospects materialize."
FY13 EPS estimate cut from $1.18 to $1.12 and FY14 from $1.64 to $1.57. FY13 revenues cut from $194 million to $191 million and FY14 from $214 mln to $208 mln.
For an analyst ratings summary and ratings history on Park Electrochemical click here. For more ratings news on Park Electrochemical click here.
Shares of Park Electrochemical closed at $23.87 yesterday, with a 52 week range of $19.44-$32.19.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
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