Canaccord Genuity Maintains a 'Buy' on Cogo Group (COGO); Solid Q1; CEO Proposal on Track
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Price: $2.39 --0%
Rating Summary:
1 Buy, 2 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 6 | New: 26
Rating Summary:
1 Buy, 2 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 6 | New: 26
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Canaccord Genuity maintains a 'Buy' on Cogo Group (NASDAQ: COGO) price target of $5.00.
Analyst, T. Michael Walkley, said, "Cogo reported Q1/12 results above our estimates as strength in the Telecom business drove the upside despite the lower gross margin due to the larger Telecom mix. Cogo CEO Jeffrey Kang’s proposal to purchase roughly 26% of Cogo’s revenue, assets, and liabilities with an expected purchase price of $60-82M remains on track and could provide a catalyst for shares to rise toward tangible book value, or $6.45....we are increasing our 2012 pro forma EPS estimate from $0.36 to $0.56 and our 2013 pro forma EPS estimate from $0.45 to $0.65."
For an analyst ratings summary and ratings history on Cogo Group click here. For more ratings news on Cogo Group click here.
Shares of Cogo Group closed at $2.00 yesterday.
Analyst, T. Michael Walkley, said, "Cogo reported Q1/12 results above our estimates as strength in the Telecom business drove the upside despite the lower gross margin due to the larger Telecom mix. Cogo CEO Jeffrey Kang’s proposal to purchase roughly 26% of Cogo’s revenue, assets, and liabilities with an expected purchase price of $60-82M remains on track and could provide a catalyst for shares to rise toward tangible book value, or $6.45....we are increasing our 2012 pro forma EPS estimate from $0.36 to $0.56 and our 2013 pro forma EPS estimate from $0.45 to $0.65."
For an analyst ratings summary and ratings history on Cogo Group click here. For more ratings news on Cogo Group click here.
Shares of Cogo Group closed at $2.00 yesterday.
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