Jefferies Reiterates a 'Hold' on Fushi Copperweld (FSIN); Cutting Estimates After Weak Q4
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Price: $9.45 --0%
Rating Summary:
2 Buy, 1 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 16 | Down: 9 | New: 8
Rating Summary:
2 Buy, 1 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 16 | Down: 9 | New: 8
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Jefferies reiterates a 'Hold' on Fushi Copperweld (NASDAQ: FSIN) price target of $9.00.
Analyst, R. Scott Graham, said, "4Q11 was dismal and we believe 1H12 earnings will remain pressured. We believe demand for substitution copper has lost momentum due to slower construction and infra spending in China and sluggish US construction. Customers are purchasing conventional copper wire and cable due to its more reasonable price than a year ago. Internally, there are supply chain issues and we believe the board, to allow for more time to consider the offer, has instructed management to (1) let cash balances build rather than deploy them to strategically buy copper to lower costs and (2) continue to pay the advisory fees of the offer. We believe the board is more seriously considering the offer despite its being below the original $11.50/sh offer due to the deterioration of the business." (FY12 EPS estimate cut from $1.06 to $0.74)
For an analyst ratings summary and ratings history on Fushi Copperweld click here. For more ratings news on Fushi Copperweld click here.
Shares of Fushi Copperweld closed at $7.90 yesterday.
Analyst, R. Scott Graham, said, "4Q11 was dismal and we believe 1H12 earnings will remain pressured. We believe demand for substitution copper has lost momentum due to slower construction and infra spending in China and sluggish US construction. Customers are purchasing conventional copper wire and cable due to its more reasonable price than a year ago. Internally, there are supply chain issues and we believe the board, to allow for more time to consider the offer, has instructed management to (1) let cash balances build rather than deploy them to strategically buy copper to lower costs and (2) continue to pay the advisory fees of the offer. We believe the board is more seriously considering the offer despite its being below the original $11.50/sh offer due to the deterioration of the business." (FY12 EPS estimate cut from $1.06 to $0.74)
For an analyst ratings summary and ratings history on Fushi Copperweld click here. For more ratings news on Fushi Copperweld click here.
Shares of Fushi Copperweld closed at $7.90 yesterday.
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