Davenport Downgrades Quanex (NX) to Neutral, Lowers 2009 Earnings Estimates
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Davenport downgrades Quanex (NYSE: NX) to 'Neutral'. Price target $14.
Davenport analyst says, "We are lowering our EPS estimate for FY’09 to $0.54 (from $0.94) to reflect a more pessimistic view on the U.S. residential market. Global Insight, an economic consulting firm, updated its forecast for the U.S. economy late last week. It now has housing starts declining 15% in ’09 versus its previous estimate of up 5%. Given this outlook, we lowered our sales and margin forecast for Quanex...We would expect guidance to be meaningfully below FY’08. Moreover, our EPS estimate of $0.54 is the lowest on the Street and compares with consensus of $1.02 once our lower estimate is included."
Quanex Building Products Corporation is a manufacturer of engineered materials and components for the United States building products market.
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