Merriman Curhan Ford Downgrades ZAGG, Inc. (ZAGG) from Buy to Neutral; 3Q09 Results Were Mixed
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Merriman Curhan Ford downgrades ZAGG, Inc. (Nasdaq: ZAGG) from Buy to Neutral. Price target range lowered to $5-7.
Merriman analyst says, "The company maintained its FY09 guidance and introduced FY10 guidance that we believe is a possible but rather optimistic scenario. We believe that gross margins will improve in 4Q09 and that the company will experience high double digit growth in revenue and earnings in FY10 (35-45% range) driven by new products and distributions. Management has executed well on many fronts; however, guidance already captures many of the potential positives from new initiatives and leaves little room for error, in our view. We lowered our estimates and target price range to $5-7 from $6-8, using a range of 20-25x P/E on our FY10 EPS estimate (growing 30%)."
To see more analyst ratings on ZAGG Click Here.
ZAGG Incorporated designs, manufactures, and distributes protective coverings, audio accessories, and power solutions for consumer electronic and hand-held devices, under the invisibleSHIELD and ZAGGaudio brand names, primarily in the United States and Europe.
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