S&P Equity Research Downgrades iRobot (IRBT) to Hold
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S&P Equity Research downgrades iRobot (Nasdaq: IRBT) from Buy to Hold.
S&P analyst, P. Wang, says, "Q1 loss of $0.16 vs. loss of $0.23 is wider than our $0.06 loss estimate. Revenues were slightly above our view, helped by better demand in Home Robot and Government & Industrial units. The difficult retail environment resulted in a gross margin decline. Shipments of $1.8M made to a key customer was not recognized in the quarter. We see a difficult retail environment hurting sales. We lower our '08 EPS estimate to $0.15 from $0.40, and our target price to $18 from $25, 1.7X our forward sales estimate, below historical 2-year range due to more retail difficulties."
iRobot Corporation (iRobot) provides robots that enable people to complete complex tasks.[SM]
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