KeyBanc Downgrades Stoneridge (SRI) to Hold; Valuation Call After Recent Run
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Price: $6.91 -2.26%
Rating Summary:
2 Buy, 5 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 14 | Down: 24 | New: 9
Rating Summary:
2 Buy, 5 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 14 | Down: 24 | New: 9
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KeyBanc downgraded Stoneridge (NYSE: SRI) from Buy to Hold.
KeyBanc analyst says, "Downgrading on the belief that: 1) the stock price has now recovered 122% off its October 4, 2011 low (S&P 500 has increased 26%); 2) guidance and earnings estimates reflect end market improvement and the reversal of cost headwinds (i.e., copper, peso, premium freight, labor inefficiencies, new Navistar plant); 3) as expected, the consolidation of PST has served as a catalyst for the stock; however, given purchase accounting, some end market headwinds, and seasonal weakness, 1H12 results from PST could mask improvement in its core business; and 4) while there may be further upside in the shares given valuation, SRI management will likely have to show several quarters of improved execution before a valuation discount is reversed."
For an analyst ratings summary and ratings history on Stoneridge click here. For more ratings news on Stoneridge click here.
Shares of Stoneridge closed at $10.07 yesterday.
KeyBanc analyst says, "Downgrading on the belief that: 1) the stock price has now recovered 122% off its October 4, 2011 low (S&P 500 has increased 26%); 2) guidance and earnings estimates reflect end market improvement and the reversal of cost headwinds (i.e., copper, peso, premium freight, labor inefficiencies, new Navistar plant); 3) as expected, the consolidation of PST has served as a catalyst for the stock; however, given purchase accounting, some end market headwinds, and seasonal weakness, 1H12 results from PST could mask improvement in its core business; and 4) while there may be further upside in the shares given valuation, SRI management will likely have to show several quarters of improved execution before a valuation discount is reversed."
For an analyst ratings summary and ratings history on Stoneridge click here. For more ratings news on Stoneridge click here.
Shares of Stoneridge closed at $10.07 yesterday.
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