Jefferies Downgrades Titan International (TWI) to Hold
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Price: $6.90 +1.62%
Rating Summary:
6 Buy, 3 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
6 Buy, 3 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Earlier Jefferies downgraded Titan International (NYSE: TWI) from Buy to Hold with a price target of $21.00 (from $25.00).
The firm comments, "Our BUY rating on TWI has been predicated on 1) low valuation and 2) a belief that recent margin issues were short term and would begin to reverse in the 2Q. News late Friday suggests both margins and revenues could be pressured by industry-wide destocking (and associated pricing pressure), leaving us with only low valuation to support the shares. As such, we lower our rating to HOLD until we get more clarity on these near-term issues.
The firm cut FY 2013 EPS from $2.00 to $1.75 and FY 2014 EPS from $2.75 to $2.25.
For an analyst ratings summary and ratings history on Titan International click here. For more ratings news on Titan International click here.
Shares of Titan International closed at $20.71 yesterday.
The firm comments, "Our BUY rating on TWI has been predicated on 1) low valuation and 2) a belief that recent margin issues were short term and would begin to reverse in the 2Q. News late Friday suggests both margins and revenues could be pressured by industry-wide destocking (and associated pricing pressure), leaving us with only low valuation to support the shares. As such, we lower our rating to HOLD until we get more clarity on these near-term issues.
The firm cut FY 2013 EPS from $2.00 to $1.75 and FY 2014 EPS from $2.75 to $2.25.
For an analyst ratings summary and ratings history on Titan International click here. For more ratings news on Titan International click here.
Shares of Titan International closed at $20.71 yesterday.
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