Wachovia Securities Downgrades Ceradyne (CRDN) to Underperform
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Wachovia Securities downgrades Ceradyne (Nasdaq: CRDN) from Market Perform to Underperform.
Wachovia analyst says, "We are increasingly cautious on the near-term EPS outlook for CRDN as the much-anticipated X-SAPI body armor contract, already delayed by about one year from its original target award date, could be delayed again as the GAO reviews a protest submitted by one of CRDN's competitors. Also, we believe there are risks to Ceradyne's assumptions of a 60% market share and 20k/month total customer demand. Furthermore, the operating EPS dilution from the recently-closed SemEquip acquisition is substantial. As earnings estimates come down, we believe earnings multiple expansion will be difficult."
Ceradyne, Inc. develops, manufactures and markets advanced technical ceramic products, ceramic powders and components for defense, industrial, automotive/diesel and commercial applications.
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