Goldman Sachs Downgrades Rubicon Technology (RBCN) to Sell
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Price: $6.12 --0%
Rating Summary:
1 Buy, 4 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
1 Buy, 4 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Goldman Sachs downgraded Rubicon Technology (NASDAQ: RBCN) from Neutral to Sell with a price target of $6, suggesting 24% downside from current levels.
In the downgrade report, Goldman analyst Brian Lee highlights the recent move higher on momentum in LED lighting adoption and optimism for an LED cyclical recovery. This has only provided more downside risk for the stock as "risk in 2H13 skewed negatively owing to weakness in 6-inch LED wafers (33% of 2012 sales) where checks suggest (1) continued share loss at its top customer (e.g. LG) and (2) potential for ASP cuts as high as 25%-30%."
The firm lowered FY 2013 EPS estimate from ($0.45) to ($0.50), FY 2014 EPS from $0.05 to $0.04 and FY 2015 from $0.33 to $0.30.
For an analyst ratings summary and ratings history on Rubicon Technology click here. For more ratings news on Rubicon Technology click here.
Shares of Rubicon Technology closed at $7.88 yesterday.
In the downgrade report, Goldman analyst Brian Lee highlights the recent move higher on momentum in LED lighting adoption and optimism for an LED cyclical recovery. This has only provided more downside risk for the stock as "risk in 2H13 skewed negatively owing to weakness in 6-inch LED wafers (33% of 2012 sales) where checks suggest (1) continued share loss at its top customer (e.g. LG) and (2) potential for ASP cuts as high as 25%-30%."
The firm lowered FY 2013 EPS estimate from ($0.45) to ($0.50), FY 2014 EPS from $0.05 to $0.04 and FY 2015 from $0.33 to $0.30.
For an analyst ratings summary and ratings history on Rubicon Technology click here. For more ratings news on Rubicon Technology click here.
Shares of Rubicon Technology closed at $7.88 yesterday.
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