Needham & Company Maintains a 'Buy' on Ceradyne (CRDN); End Of 2011 Guidance Looks More Challenging, But Priced Into Stock
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Price: $35.00 --0%
Rating Summary:
2 Buy, 3 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
2 Buy, 3 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Needham & Company maintains a 'Buy' on Ceradyne (NASDAQ: CRDN), PT lowered from $60 to $52.
Needham analyst says, "CRDN shares have pulled back ~16% over the last three months, we believe, due to concerns that declining polysilicon prices and a more challenging operating environment in general facing CRDN's customers in the solar industry could weigh on the company's solar crucible business, which management had been expecting to generate $100-$110M of revenues in 2011. To be sure, there is increased near-term choppiness in the solar sector, which could pose risk to the high-end guidance management has provided for the solar business and possibly for full-year revenues for the company as whole. As a result, we are trimming our 2H estimates, although we believe the downside to the high-end of guidance is more than priced into the stock at current levels."
For more ratings news on Ceradyne click here and for the rating history of Ceradyne click here.
Shares of Ceradyne closed at $36.72 yesterday.
Needham analyst says, "CRDN shares have pulled back ~16% over the last three months, we believe, due to concerns that declining polysilicon prices and a more challenging operating environment in general facing CRDN's customers in the solar industry could weigh on the company's solar crucible business, which management had been expecting to generate $100-$110M of revenues in 2011. To be sure, there is increased near-term choppiness in the solar sector, which could pose risk to the high-end guidance management has provided for the solar business and possibly for full-year revenues for the company as whole. As a result, we are trimming our 2H estimates, although we believe the downside to the high-end of guidance is more than priced into the stock at current levels."
For more ratings news on Ceradyne click here and for the rating history of Ceradyne click here.
Shares of Ceradyne closed at $36.72 yesterday.
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