Deutsche Bank Downgrades Universal Electronics (UEIC) to Hold; Disappointing Results and Guidance

Deutsche Bank downgraded Universal Electronics (NASDAQ: UEIC) from Buy to Hold, price target lowered from $30 to $22.

Deutsche analyst says, "UEIC reported revenues of $122 m, below our estimate of $123 m but above consensus of $119 m. Pro-forma EPS was $0.46, below our estimate $0.54 and consensus of $0.47. The company lowered their full year guidance, citing weakened consumer outlook. We are downgrading the company to Hold and lowering our price target to $22 based on our revised view of the company’s outlook this year."

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

Shares of Universal Electronics closed at $21.54 yesterday.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Deutsche Bank Downgrades Qifu Technology (3660:HK) (QFIN) to Hold
• UBS Downgrades ASX Limited (ASX:AU) (ASXFY) to Neutral
• Barclays Downgrades Murphy Oil Corp. (MUR) to Underweight