Chardan Capital Markets Downgrades CaesarStone Sdot-Yam (CSTE) to Neutral on Valuation

Chardan Capital Markets downgraded CaesarStone Sdot-Yam (NASDAQ: CSTE) from Buy to Neutral with a price target of $43.00 on valuation.

Analyst Lena Rogovin commented, "Despite growing competition, the US market remains a huge opportunity for the company in various price segments, given increasing quartz penetration and improving operations of CSTE US plant. Nonetheless, we downgrade our rating to NEUTRAL, as the stock price has reached our target and we need more visibility of revenue growth re-acceleration and margins stabilization in order to review our assumptions. The next catalyst for the stock is the company's Analyst Day in New York on May 18-19, where the new CEO Raanan Zilberman will make his first public appearance in the new role."

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 $43.75 yesterday.

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