Needham & Company Downgrades Ceradyne (CRDN) to Hold; Chopping Estimates
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Price: $35.00 --0%
Rating Summary:
2 Buy, 3 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 19 | New: 8
Rating Summary:
2 Buy, 3 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 19 | New: 8
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Needham & Company downgraded Ceradyne (NASDAQ: CRDN) from Buy to Hold.
Analyst, James Ricchiuti, said, "While we are reluctant to downgrade stocks at what appear to be their bottom, we believe there is enough uncertainty to CRDN’s 2012 outlook to warrant a more cautious investment rating on the shares at current levels. CRDN yesterday reported much weaker than expected Q1 results, missing our EPS estimate, which was well below consensus."
"We are reducing our 2012 EPS est. to $1.50 from $2.25, with full-year revenues now forecast at $540M vs. our prior $585M est. We are lowering our 2013 EPS estimate to $2.00 from $2.85."
For an analyst ratings summary and ratings history on Ceradyne click here. For more ratings news on Ceradyne click here.
Shares of Ceradyne closed at $26.57 yesterday.
Analyst, James Ricchiuti, said, "While we are reluctant to downgrade stocks at what appear to be their bottom, we believe there is enough uncertainty to CRDN’s 2012 outlook to warrant a more cautious investment rating on the shares at current levels. CRDN yesterday reported much weaker than expected Q1 results, missing our EPS estimate, which was well below consensus."
"We are reducing our 2012 EPS est. to $1.50 from $2.25, with full-year revenues now forecast at $540M vs. our prior $585M est. We are lowering our 2013 EPS estimate to $2.00 from $2.85."
For an analyst ratings summary and ratings history on Ceradyne click here. For more ratings news on Ceradyne click here.
Shares of Ceradyne closed at $26.57 yesterday.
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