UPDATE: Rosenblatt Starts Thermon Group Holdings (THR) at Buy
- Wall St rises as earnings lift outlook
- Amazon (AMZN) Tops Q2 EPS by $2.90, Revenue Misses, Q3 Guidance Falls Short of Consensus
- Robinhood (HOOD) IPO Opens Flat
- Didi (DIDI) Gains on WSJ Report It Considers Going Private, Company Denies
- Facebook (FB) Tops Profit and Revenue Estimates, But Shares Lower on Warning of Significant Growth Slowdown, Analyst Still Raises PT to a New 'Street High'
Get instant alerts when news breaks on your stocks. Claim your 1-week free trial to StreetInsider Premium here.
(Updated - March 16, 2020 6:58 AM EDT)
(updated to add analyst comments)
Rosenblatt analyst Scott Graham initiates coverage on Thermon Group Holdings (NYSE: THR) with a Buy rating and a price target of $22.00.
The analyst commented, "It's a good day to be in the heat tracing business" ... was the long-held mantra of the former CEO. We would counter: heat tracing is a very good business, just not today. THR derives over half its sales from the Oil & Gas market. We expect large sales and earnings declines over the next 3 quarters. But earnings should begin to rise again in F2H21 as sales stabilize and the margin benefits from mix shifts toward MRO. Also supporting our view is a large project win and our belief the current CEO and his team will hatch new cost-down measures. In our opinion, THR's 40% sell-off this year contemplates neither its long-term MRO-based earnings nor the initiatives being undertaken by management to upgrade THR's business model and improve its fundamentals. We are initiating coverage with a Buy rating and $22 price target."
Shares of Thermon Group Holdings closed at $16.03 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Xilinx (XLNX) PT Raised to $169 at Rosenblatt
- NETSTREIT Corp. (NTST) Misses Q2 EPS by 6c; Reaffirms Guidance
- Eastern Bankshares (EBC) Tops Q2 EPS by 1c
Create E-mail Alert Related CategoriesAnalyst Comments, New Coverage
Related EntitiesEarnings, Rosenblatt
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!