Needham & Co. Trims PT on Benchmark Elect. (BHE) as Macro Weighs
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Price: $93.66 --0%
Rating Summary:
3 Buy, 3 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 4 | Down: 10 | New: 15
Rating Summary:
3 Buy, 3 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 4 | Down: 10 | New: 15
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Needham & Company maintained a Buy rating on Benchmark Electronics (NYSE: BHE) and cut its price target of $16.00 (from $18.50). Yesterday Benchmark reported third quarterly income that was mostly in line with estimates, though guidance was soft.
"Similar to peers, BHE is facing challenging macro conditions, which are clearly affecting the near-term. Overall, we believe the model is intact, the outsourcing environment is healthy, the business remains quite profitable, and the long-term opportunity for BHE appears fundamentally sound," said analyst Sean K.F. Hannan.
"However,” added Hannan, "recent pressure on the stock is valuing BHE at 90% of working capital & 76% of tangible book (in addition to net cash of $5.75 representing 40% of stock). Consequently, we reiterate our Buy but lower our."
For an analyst ratings summary and ratings history on Benchmark click here. For more ratings news on Benchmark click here.
Shares of Benchmark closed at $14.51 yesterday.
"Similar to peers, BHE is facing challenging macro conditions, which are clearly affecting the near-term. Overall, we believe the model is intact, the outsourcing environment is healthy, the business remains quite profitable, and the long-term opportunity for BHE appears fundamentally sound," said analyst Sean K.F. Hannan.
"However,” added Hannan, "recent pressure on the stock is valuing BHE at 90% of working capital & 76% of tangible book (in addition to net cash of $5.75 representing 40% of stock). Consequently, we reiterate our Buy but lower our."
For an analyst ratings summary and ratings history on Benchmark click here. For more ratings news on Benchmark click here.
Shares of Benchmark closed at $14.51 yesterday.
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