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Chardan Capital Markets Starts CaesarStone Sdot-Yam (CSTE) at Buy

April 6, 2016 7:33 AM EDT
Get Alerts CSTE Hot Sheet
Price: $4.09 +0.49%

Rating Summary:
    4 Buy, 3 Hold, 2 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 13 | Down: 11 | New: 11
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Chardan Capital Markets initiates coverage on CaesarStone Sdot-Yam (NASDAQ: CSTE) with a Buy rating and a price target of $44.00.

Analyst Lena Rogovin commented, "We initiate coverage on CSTE with $44 PT and BUY rating. The stock lost 44% in the past 12 months on investors' concerns of a slowdown in the US revenue growth, which is the largest market for the company - 45% of sales in 2015. However, even with a reduced sales guidance, we see a significant upside in the shares. As the number 2 player in a global quartz surfaces market, CSTE is well positioned to grow from increasing quartz usage for kitchen countertops, especially in the US and Canada. Australia, Canada and Israel account for 22%, 14% and 8% of CSTE sales, respectively."

The firm forecasts 10% CAGR organic revenue growth and 13% EBITDA growth for 2016-2018, with more than 60% of
incremental growth coming from the US market.

For an analyst ratings summary and ratings history on CaesarStone Sdot-Yam click here. For more ratings news on CaesarStone Sdot-Yam click here.

Shares of CaesarStone Sdot-Yam closed at $33.02 yesterday.



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