Global Hunter Securities Upgrades Coleman Cable (CCIX) to Accumulate; Solid Q1 and Dividend Announced
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Price: $18.98 -0.16%
Rating Summary:
2 Buy, 0 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 10 | Down: 23 | New: 23
Rating Summary:
2 Buy, 0 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 10 | Down: 23 | New: 23
Trade CCIX Now!
Global Hunter Securities upgraded Coleman Cable (NASDAQ: CCIX) from Neutral to Accumulate with a price target of $11.00.
Analyst, Dmitriy Shapiro, said, "Coleman Cable reported strong Q1 FY2012 results at the top range of its prior guidance and beating our estimates and consensus on both top and bottom line. The company achieved over 7% Y/Y growth despite a 13.5% Y/Y decline in copper prices, driven by a 10.3% increase in volumes and incremental contributions from recently completed acquisitions. CCIX also provided Q2 guidance of $220MM-$230MM in revenues, $0.24-$0.38 in non-GAAP EPS and $19MM-$22MM in EBITDA, relatively in line with prior estimates. The company was able to pass through price increases in late Q1 which should benefit its margins going forward and is currently working on a number of initiatives to mitigate its operating and overhead costs. We believe that Coleman has proven its ability to remain profitable and generate growth regardless of the current economic uncertainty and volatile copper prices. We had previously downgraded our rating as shares reached 52-week highs; in light of the operational recovery and the decline in share price we are upgrading CCIX."
For an analyst ratings summary and ratings history on Coleman Cable click here. For more ratings news on Coleman Cable click here.
Shares of Coleman Cable closed at $9.48 yesterday, with a 52 week range of $7.30-$17.21.
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Analyst, Dmitriy Shapiro, said, "Coleman Cable reported strong Q1 FY2012 results at the top range of its prior guidance and beating our estimates and consensus on both top and bottom line. The company achieved over 7% Y/Y growth despite a 13.5% Y/Y decline in copper prices, driven by a 10.3% increase in volumes and incremental contributions from recently completed acquisitions. CCIX also provided Q2 guidance of $220MM-$230MM in revenues, $0.24-$0.38 in non-GAAP EPS and $19MM-$22MM in EBITDA, relatively in line with prior estimates. The company was able to pass through price increases in late Q1 which should benefit its margins going forward and is currently working on a number of initiatives to mitigate its operating and overhead costs. We believe that Coleman has proven its ability to remain profitable and generate growth regardless of the current economic uncertainty and volatile copper prices. We had previously downgraded our rating as shares reached 52-week highs; in light of the operational recovery and the decline in share price we are upgrading CCIX."
For an analyst ratings summary and ratings history on Coleman Cable click here. For more ratings news on Coleman Cable click here.
Shares of Coleman Cable closed at $9.48 yesterday, with a 52 week range of $7.30-$17.21.
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