DA Davidson Cuts Price Target on Cascade Co. (CASC), Lower Margin Expectations
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Price: $0.97 --0%
Rating Summary:
2 Buy, 0 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
2 Buy, 0 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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DA Davidson is reaffirming its Neutral rating on shares of Cascade Corporation (NYSE: CASC) while lowering its price target from $45 to $42.
The company released its second quarter earnings below expectations while sales fell inline. Gross margin rose 170 bps over the quarter to 31.9 percent. Insurance proceeds from a flood in Australia added ~$0.06 to its EPS results.
Management is forecasting that demand will maintain its current levels till the end of the fiscal year. They also highlight that the current economic uncertainty will have a minimal impact.
The firm is lowering its 2011 and 2012 EPS estimates from $5.60 and $5.85 to $5.37 and $5.70.
The board at Cascade increased its dividend for the fifth time since the first fiscal quarter of 2011.
An analyst at DA Davidson comments, "We have taken a more conservative approach to revenues and margins, particularly in North America. However, our expectations for Europe have improved, particularly with respect to operating performance."
For more ratings news on Cascade Corporation click here and for the rating history of Cascade Corporation click here.
Shares of Cascade Corporation closed at $38.53 yesterday.
The company released its second quarter earnings below expectations while sales fell inline. Gross margin rose 170 bps over the quarter to 31.9 percent. Insurance proceeds from a flood in Australia added ~$0.06 to its EPS results.
Management is forecasting that demand will maintain its current levels till the end of the fiscal year. They also highlight that the current economic uncertainty will have a minimal impact.
The firm is lowering its 2011 and 2012 EPS estimates from $5.60 and $5.85 to $5.37 and $5.70.
The board at Cascade increased its dividend for the fifth time since the first fiscal quarter of 2011.
An analyst at DA Davidson comments, "We have taken a more conservative approach to revenues and margins, particularly in North America. However, our expectations for Europe have improved, particularly with respect to operating performance."
For more ratings news on Cascade Corporation click here and for the rating history of Cascade Corporation click here.
Shares of Cascade Corporation closed at $38.53 yesterday.
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