Benchmark Downgrades CaesarStone Sdot-Yam (CSTE) to Speculative Buy

Benchmark analyst Reuben Garner downgraded CaesarStone Sdot-Yam (NASDAQ: CSTE) from Buy to Speculative Buy with a price target of $5.00.

The analyst comments "Summary: Caesarstone reported weaker than anticipated results on Wednesday as persistent macro headwinds continue to suppress demand while unfavorable product mix placed additional pressure on margins. As the company progresses on its restructuring and cost savings efforts, the near-term outlook points to a continuation of current sales/profitability trends with the hope that interest rates, R&R activity, and geopolitical tensions begin to improve the overall operating environment. That, combined with an increasingly uncertain legal overhang surrounding silicosis in several countries, we are moving CSTE to a Speculative Buy rating with an unchanged $5 price target."

For an analyst ratings summary and ratings history on CaesarStone Sdot-Yam click here. For more ratings news on CaesarStone Sdot-Yam click here.

Shares of CaesarStone Sdot-Yam closed at $3.42 yesterday.

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