FBR Capital Sees Opportunity in Shares of Park-Ohio (PKOH)
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Price: $23.61 -1.46%
Rating Summary:
2 Buy, 2 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 12 | New: 9
Rating Summary:
2 Buy, 2 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 12 | New: 9
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FBR Capital reiterated an Outperform rating on Park-Ohio Holdings (NASDAQ: PKOH) and increased its price target of $30.00.
Analyst Ajay Kejriwal said he has increased confidence in FBR's above-consensus 2013 estimates and sees opportunity in shares following recent underperformance.
"Park-Ohio derives approximately 25% of revenues supplying components to the U.S. auto markets where recent comments from large OEMs [Ford (NYSE: F), GM (NYSE: GM)] suggest a solid mid-single-digit growth outlook for 2013 (U.S. auto sales of 15M to 16M), which should help drive performance in the Supply Tech and Assembly Components segments," said Kejriwal.
"Park-Ohio is also ramping up its Aluminum products business where it supplies components such as control arms and knuckles to OEs and has won orders that should result in that business increasing by ~$100M annually, or doubling of the current size," added the analyst.
For an analyst ratings summary and ratings history on Park-Ohio Holdings (NASDAQ: PKOH) click here. For more ratings news on Park-Ohio Holdings click here.
Shares of Park-Ohio Holdings closed at $21.12 yesterday.
Analyst Ajay Kejriwal said he has increased confidence in FBR's above-consensus 2013 estimates and sees opportunity in shares following recent underperformance.
"Park-Ohio derives approximately 25% of revenues supplying components to the U.S. auto markets where recent comments from large OEMs [Ford (NYSE: F), GM (NYSE: GM)] suggest a solid mid-single-digit growth outlook for 2013 (U.S. auto sales of 15M to 16M), which should help drive performance in the Supply Tech and Assembly Components segments," said Kejriwal.
"Park-Ohio is also ramping up its Aluminum products business where it supplies components such as control arms and knuckles to OEs and has won orders that should result in that business increasing by ~$100M annually, or doubling of the current size," added the analyst.
For an analyst ratings summary and ratings history on Park-Ohio Holdings (NASDAQ: PKOH) click here. For more ratings news on Park-Ohio Holdings click here.
Shares of Park-Ohio Holdings closed at $21.12 yesterday.
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