Needham & Company Reiterates a 'Buy' on Sypris Solutions (SYPR); Raising Estimates on Strong Qtr
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Price: $2.06 -4.19%
Rating Summary:
0 Buy, 2 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
0 Buy, 2 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Needham & Company maintains a 'Buy' on Sypris Solutions (NASDAQ: SYPR) price target raised from $6 to $7.
Analyst, James Ricchiuti, said, "SYPR posted its best quarterly results in years, highlighted by sharply higher expected revenues in its Industrial business, driven by the cyclical upturn in the commercial trucking market. The company’s Aerospace & Defense business staged a solid rebound, with sequentially improving revenues and margins. Consolidated gross margins were at the highest levels in over 7 yrs. Mgmt expects ongoing q/o/q improvement in the A&D business and a continued strong tailwind in the Industrial business. Given the healthy tone of business, we are raising estimates for both 2012 and 2013. The upside report ignited a strong rally in SYPR shares, which closed up 21% yesterday (vs -0.57% for the S&P 500) on more than 10x avg. daily trading volume. However, even after the strong move, SYPR shares are trading at 3x EV/est. 2012 EBITDA, offering a compelling value proposition for micro-cap investors, in our view."
Needham raises FY12 EPS estimate from $0.35 to $0.75 and FY13 from $0.45 to $0.80.
For an analyst ratings summary and ratings history on Sypris Solutions click here. For more ratings news on Sypris Solutions click here.
Shares of Sypris Solutions closed at $4.78 yesterday.
Analyst, James Ricchiuti, said, "SYPR posted its best quarterly results in years, highlighted by sharply higher expected revenues in its Industrial business, driven by the cyclical upturn in the commercial trucking market. The company’s Aerospace & Defense business staged a solid rebound, with sequentially improving revenues and margins. Consolidated gross margins were at the highest levels in over 7 yrs. Mgmt expects ongoing q/o/q improvement in the A&D business and a continued strong tailwind in the Industrial business. Given the healthy tone of business, we are raising estimates for both 2012 and 2013. The upside report ignited a strong rally in SYPR shares, which closed up 21% yesterday (vs -0.57% for the S&P 500) on more than 10x avg. daily trading volume. However, even after the strong move, SYPR shares are trading at 3x EV/est. 2012 EBITDA, offering a compelling value proposition for micro-cap investors, in our view."
Needham raises FY12 EPS estimate from $0.35 to $0.75 and FY13 from $0.45 to $0.80.
For an analyst ratings summary and ratings history on Sypris Solutions click here. For more ratings news on Sypris Solutions click here.
Shares of Sypris Solutions closed at $4.78 yesterday.
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