KeyBanc Upgrades Stoneridge (SRI) to Buy; Confidence in Balance Sheet and Backlog
More News related to SRI
- Sparton Announces First Germanium Concentrate Sales and Initial Revenue From Huajun Operations
- Sparton Announces First Germanium Concentrate Sales and Initial Revenue From Huajun Operations
- Stoneridge (SRI) Tops Estimates, Posts Q3 Loss of $0.04
- Stoneridge Reports Third-Quarter 2009 Results
- Trading Radar for 10/29: Exxon (XOM), Motorola (MOT), Waste Management (WM) Report
KeyBanc upgrades Stoneridge, Inc. (NYSE: SRI) from Hold to Buy. Price target $8.
KeyBanc analyst says, "We are upgrading our rating on Stoneridge to BUY with based on our belief that: 1) financial risk appears limited with $89 million in cash, an undrawn $100 million credit facility, and we expect a minimal 2009 free cash outflow of $5 million; 2) sequential improvement in earnings from 1H09 to 2H09 and from 2009 to 2010 driven by increased production, restructuring, and an improvement in equity earnings, should serve as a positive catalyst for the stock; 3) the $250 million new business backlog over the next four years (7% CAGR) supports meaningful long-term organic revenue growth; and 4) normalized earnings for SRI based on a return to replacement demand in North America for both light and commercial vehicles could be in around $1.00...we are lowering our estimates to a loss of $1.20 from a loss of $0.81 for 2009 and to $0.40 from $0.54 for 2010."
To see more analyst ratings on SRI Click Here.
Stoneridge, Inc. is an independent designer and manufacturer of engineered electrical and electronic components, modules and systems for the automotive, medium and heavy-duty truck, agricultural and off-highway vehicle markets.
Related Categories
UpgradesStocks Mentioned
-0.35Related Entities
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
