Wedbush Downgrades Polypore International (PPO) to Neutral after Disappointing Results

February 21, 2013 8:13 AM EST
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Price: $60.48 --0%

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    3 Buy, 12 Hold, 3 Sell

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Wedbush downgraded Polypore International (NYSE: PPO) from Outperform to Neutral with a price target of $38.00 (from $46.00) citing no improvement in the Lithium Separators cost management we expected, and a consumer lithium decline, raising questions on customer capture/retention.

Polypore reported 4Q12 rev/adjusted EPS of $180.2m/$0.43, well below the firm's forecast of $193.0m/$0.54 and consensus at $191.8m/$0.52. "This was disappointing vs. the 4Q12 adjusted EPS guide of low-50 to low 60 cents," the firm notes. "SG&A was $6.1m below our forecast, where cost discipline partially offset the impact of the revenue miss."

The firm cut FY13 EPS from $2.45 to $1.89, versus the consensus of $2.18, and sees FY14 EPS of $2.40, versus the consensus of $2.71.

For an analyst ratings summary and ratings history on Polypore International click here. For more ratings news on Polypore International click here.

Shares of Polypore International closed at $39.95 yesterday.

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