TCP International (TCPI) Price Target Raised to $6 at Piper Jaffray

April 17, 2015 10:05 AM EDT
Get Alerts TCPI Hot Sheet
Price: $1.70 --0%

Rating Summary:
    1 Buy, 3 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 11 | Down: 18 | New: 17
Join SI Premium – FREE

Piper Jaffray analyst Mike Ritzenthaler reiterated a Neutral rating on TCP International (NYSE: TCPI) but increased his price target to $6.00 (from $5.00), saying Q4 commentary is a step in the right direction although overhangs persist.

Ritzenthaler commented, "We are maintaining our Neutral rating following TCP’s 4Q results which showed slightly lower LED sales and better-than-expected CFL sales versus our model. Results aside, the most important takeaway from the conference call, in our view, was management’s commentary that all UL certified products have been verified and that TCP did not lose any customers during the product review process. Additionally, the news that Ellis Yan will step down as CEO but remain as Chairman is a surprise and will likely be seen as a net positive from an investment perspective. That said, we remain Neutral on TCPI shares, despite virtually all shipments resuming and back to approaching normal levels, as we see increased litigation costs and lower ASPs (specifically in the retail channel) offsetting productivity measures. Further, we think an overhang will remain on shares until a new CEO is named."

The firm lowered FY 2015 EPS from $1.08 to $0.83 and FY 2016 EPS form $1.55 to $1.44.

For an analyst ratings summary and ratings history on TCP International click here. For more ratings news on TCP International click here.

Shares of TCP International closed at $3.45 yesterday.

Serious News for Serious Traders! Try Premium Free!

You May Also Be Interested In

Related Categories

Analyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change

Related Entities

Piper Jaffray