Canaccord Genuity: TV Sell-Through For China Labor Holiday Mixed; Too Soon To Call LED Rebound
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Rating Summary:
4 Buy, 14 Hold, 3 Sell
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Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
4 Buy, 14 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Canaccord Genuity on CleanTech, Energy and Power Technologies: TV Sell-Through For China Labor Holiday Mixed; Too Soon To Call LED Rebound
Analyst, Jonathan Dorsheimer, said, "In-line results due to fewer days Y/Y suggests things were weaker than bullish expectations. Now the sustainability of the LED recovery rests on the Olympics, which we think will disappoint...We spent this past week doing checks of Chinese retailers for indications of LED TV sell through for the labor holidays. We called over 120 stores throughout mainland China in Tier-1, Tier-2 and Tier-3 cities...Conversations overall indicated that LED TV sales were more or less in line with last year’s labor holidays, but less than during Chinese New Year."
Canaccord maintains a 'Sell' rating on AIXTRON (Nasdaq: AIXG) and Veeco Instruments (Nasdaq: VECO)
"Overall, based on our sample, we believe that the actual sell-through will be below bullish expectations. Checks came back weaker than the Chinese New Year in that 1) almost every store has inventory now while during the CNY, a lot of models were sold out; 2) CNY is also a stronger retail reason compared to the labor holidays."
Analyst, Jonathan Dorsheimer, said, "In-line results due to fewer days Y/Y suggests things were weaker than bullish expectations. Now the sustainability of the LED recovery rests on the Olympics, which we think will disappoint...We spent this past week doing checks of Chinese retailers for indications of LED TV sell through for the labor holidays. We called over 120 stores throughout mainland China in Tier-1, Tier-2 and Tier-3 cities...Conversations overall indicated that LED TV sales were more or less in line with last year’s labor holidays, but less than during Chinese New Year."
Canaccord maintains a 'Sell' rating on AIXTRON (Nasdaq: AIXG) and Veeco Instruments (Nasdaq: VECO)
"Overall, based on our sample, we believe that the actual sell-through will be below bullish expectations. Checks came back weaker than the Chinese New Year in that 1) almost every store has inventory now while during the CNY, a lot of models were sold out; 2) CNY is also a stronger retail reason compared to the labor holidays."
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