Stephens Reiterates Equal Weight Rating on CTS Corp (CTS) Following 1Q Beat
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Stephens analyst Justin Long reiterated an Equal Weight rating and $25.00 price target on CTS Corp (NYSE: CTS) following the company's 1Q earnings report. CTS reported 1Q20 adj. EPS that was a penny above consensus and in line with the midpoint of guidance.
Looking ahead, management withdrew 2020 guidance but provided a high level outlook for 2Q20 to be the most challenging quarter of the year with a slow recovery in 2H20. Stephens increased 2020 adj. EPS estimate to $0.60 (previously $0.57), and lowered 2021 adj. EPS estimate to $1.25 (previously $1.26).
Shares of CTS Corp closed at $22.74 yesterday.
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