UBS Maintains a 'Neutral' on Kemet (KEM); Searching for a Bottom

UBS maintains a 'Neutral' on Kemet (NYSE: KEM) price target lowered from $10 to $8.

UBS analyst says, "Expecting Tough Trends to Continue in to the Mar. Qtr (FY4Q): We are modestly lowering our ests for FY4Q (Mar.) as we believe ongoing destocking and weaker demand is likely to persist into CY1Q. Further, we now expect KEM’s machining business to decline to $2-3m in FY4Q (was $8m) from ~$10m in 3Q. For FY3Q/4Q, we estimate Revs/EPS of $232m/$0.14, $220m/$0.06 (was $236m/$0.16), resp., vs. cons at $233m/$0.19 and $237m/$0.24, respectively. For FY12/13 we now estimate EPS of $1.34/$0.94 vs. $1.44/$1.04, previously."

For an analyst ratings summary and ratings history on Kemet click here. For more ratings news on Kemet click here.

Shares of Kemet closed at $7.30 yesterday.

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