S&P Equity Research Downgrades Cooper Tire (CTB) to Hold
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S&P Equity Research downgrades Cooper Tire (NYSE: CTB) from Buy to Hold.
S&P analyst, E. Levy, says, "Q1 EPS from continuing operations of $0.02 vs. $0.32 is well below our estimate. Results were penalized by higher raw materials costs, greater charges for product liability claims and fewer shipments. We see margins benefiting from cost cutting and greater China tire production, but view higher raw material, energy, pension and health care and other expenses and weaker-than-expected industry volume with caution. We are cutting our EPS est by $0.77 to $0.74, and based on reduced visibility and a blend of enterprise value and P/E analyses, we cut our target price by $9 to $17."
Cooper Tire & Rubber Company is a manufacturer of replacement tires. Cooper focuses on the manufacture and sale of passenger and light truck replacement tires. It also manufactures radial medium and bias light truck tires.[SM]
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