Stifel Downgrades Sun Hydraulics (SNHY) to Hold
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Stifel analyst Nathan Jones downgraded Sun Hydraulics (NASDAQ: SNHY) from Buy to Hold with a price target of $51.00.
- Cites the valuation for the downgrade as the equity spot price surpasses the target price while also noting international demand concerns play a part in the decision to step to the sidelines.
- "Overall we are somewhat more bearish on the underlying demand picture for the businesses over the last couple of months and with the shares having reached our target price we are moving to the sidelines on the shares for now."
Shares of Sun Hydraulics closed at $51.49 yesterday.
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