Morgan Joseph Downgrades Ceradyne (CRDN) to Hold on Re-Bid of SAPI Program
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Morgan Joseph downgrades Ceradyne Inc. (Nasdaq: CRDN) from Buy to Hold.
Morgan Joseph analyst says, "Ceradyne will not ship any of its new X-SAPI body armor in 4Q08 as a result of a contract protest by a competitor. We are lowering our rating to HOLD until the situation is resolved. Ceradyne management expects the company to be awarded a similar order in late January with X-SAPI deliveries starting late in 1Q09...We are decreasing our 2008 estimates slightly to reflect the stop work order in X-SAPI body armor shipments. We are significantly lowering our 2009 estimates due to lower body armor shipments, pricing pressure on ceramic solar cell crucibles, and new accounting treatment of the company's $120mm convertible debt. "
Ceradyne, Inc. develops, manufactures and markets advanced technical ceramic products, ceramic powders and components for defense, industrial, automotive/diesel and commercial applications.
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