Wedbush Downgrades Summer Infant (SUMR) to Neutral; Disappointing Product Launch and Shipment Delays
Wedbush downgraded Summer Infant (NASDAQ: SUMR) from Outperform to Neutral, price target lowered from $10 to $6.
Wedbush analyst says, "Downgrading due to: 1. disappointing initial reception for the new baby car seat, and 2. further shipment delays for the upcoming new internet-enabled video monitor. Citing these factors along with retailer inventory destocking, management preannounced a disappointing Q4, lowering its 2011 outlook for revenue to $238 million from >$245 million, and for EPS to $0.42-0.44 from $0.55-0.61."
"We are lowering our revenue estimates for 2011 to $238 million from $247 million, and for 2012, to $269 million from $282 million; and our EPS forecasts for 2011 to $0.43 from $0.57, and for 2012, to $0.55 from $0.75."
For an analyst ratings summary and ratings history on Summer Infant click here. For more ratings news on Summer Infant click here.
Shares of Summer Infant closed at $6.85 yesterday, with a 52 week range of $6.00-$9.48.
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