Roth Capital Doubles PT on Clean Diesel Technologies (CDTI) to $4; Sees Improving Balance Sheet Metrics
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Roth Capital doubles its price target on Neutral-rated Clean Diesel Technologies (Nasdaq: CDTI) from $2 to $4 following Q2 results reported last week.
Analyst Matt Koranda commented today:
The health of CDTI’s balance sheet should be the primary focus for investors until greater near-term liquidity is restored. As such, we remain Neutral, awaiting final debt conversion (expected after shareholder approval on 8/25) and an improved cash balance that would enable CDTI to fund near and medium-term growth opportunities with key commercial partners like Panasonic and Haldor Topsoe.
Our 2016 revenue estimate is now $39.3mn vs. prior consensus of $40.6mn and prior ROTHe of $41.5mn. We forecast GMs of 26.1% vs. prior consensus of 28.6% and prior ROTHe of 28.8%. Lower opex, higher interest expense, and an increased income tax benefit lead to our increased EPS estimate of ($1.62) vs. prior consensus of ($0.91) and prior ROTHe of ($1.70).
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