Ticonderoga maintains a 'Sell' on Masco (MAS); Suffers Its Own Version of Groundhog Day

Ticonderoga maintains a 'Sell' on Masco (NYSE: MAS), PT $10.75.

Ticonderoga analyst says, "Timing is everything. Fortunately for Masco, the company picked a day to report disappointing Q1 results when market sentiment wants to take equities higher. Recovering from a near 3% decline this morning, in our opinion, the move up is not justified given an adjusted EPS loss that was more than double our forecast and an Operating Margin 25% below our estimate. Moreover, given commentary on this morning’s conference call, any useful recovery in the company’s earnings continues to be pushed out. In part, the company’s elongated recovery is driven by uncooperative macro fundamentals. The balance is not. At current valuations, neither case, in our opinion, supports owning the equity. Therefore, our Sell rating remains intact."

"Earnings and Valuation. Yet again, our EPS estimates drop—to $0.12 from $0.22 for 2011 and to $0.45 from $0.49 for 2012. Our EBITDA/share estimates decline to $1.87 and $2.50, respectively."

For more ratings news on Masco click here and for the rating history of Masco click here.

Shares of Masco closed at $13.38 yesterday.

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