Piper Jaffray Downgrades Cogo Group (COGO) to Neutral
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Piper Jaffray & Co. downgrades Cogo Group (Nasdaq: COGO) from Buy to Neutral. Price target lowered from $9 to $8.
Piper analyst says, "Given Cogo's diversified business model, exposure to the Chinese 3G market and strong growth in its industrial division, we anticipate it will grow stronger relative to its competitors. However, based on the recent appreciation in Cogo shares and our reduced estimates, we are downgrading to a Neutral Rating...While we anticipate Cogo can achieve its longer term targets of 15% gross margin and slightly under its 10% operating margin, we believe this will occur in 2H10 versus our previous Q409 expectations...Based on our lowered near-term margin expectations, we are lowering our pro-forma EPS estimates for 2009 from $0.67 to $0.65 and our pro-forma EPS estimates for 2010 from $0.88 to $0.76."
Cogo Group, Inc. provides customized module design solutions for a diverse set of applications and end markets, serving as a gateway for its technology component suppliers to access electronics manufacturers in China.
To see more analyst ratings on COGO Click Here.
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