S&P Equity Research Downgrades Valspar (VAL) to Sell
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S&P Equity Research downgrades Valspar (NYSE: VAL) from Hold to Sell.
S&P analyst, R. Tortoriello, says, "Apr-Q EPS of $0.38 vs. $0.35 on 3% higher sales is $0.01 below our estimate. VAL lowers guidance for FY 08 (Oct.) by $0.10 to $1.55-$1.65 (prior story didn't give range). We expect high petroleum prices and lower-than-anticipated U.S. consumer demand to keep pressure on earnings in FY 08, and we lower our EPS projection by $0.15 to $1.50. Although VAL has been increasing its international revenues, we still view the company as U.S. dependent. We are also reducing our FY 09 forecast by $0.10 to $1.65. We cut our 12-month target price by $6 to $19 on our revised P/E analysis."
The Valspar Corporation is a global coating and paints manufacturer and distributor. [SM]
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