There’s a lot to be optimistic about in the Conglomerates sector as 2 analysts just weighed in on Gentex (NASDAQ:GNTX) and HC2 Holdings (NYSE:HCHC) with bullish sentiments.
Gentex (GNTX)
In a report released yesterday, Christopher Van Horn from B.Riley FBR reiterated a Buy rating on Gentex, with a price target of $29. The company’s shares opened today at $20.97.
Van Horn noted:
“Gentex (GNTX – Buy, $29 PT) shares closed up 7.0%, vs. the S&P 500 about flat on the company reported in-line third-quarter earnings results that, from our perspective, demonstrated the company’s secular growth potential. Overall revenue growth of +5% Y/Y was well ahead of underlying 3Q18 key-market auto production (down low single digits Y/ Y in our estimation), as mirror units rose 6% Y/Y and ASP dipped slightly from the year-ago quarter. Importantly, however, we estimate that 3Q18 ASP rose about 3.5% from the 1H18 level, and we continue to believe that future technology introductions should be accretive to ASP . In particular, we think that as the rollout of Full Display Mirror (FDM) continues, we could see further incremental increases in ASP .”
According to TipRanks.com, Horn is a 4-star analyst with an average return of 3.6% and a 48.3% success rate. Horn covers the Consumer Goods sector, focusing on stocks such as Motorcar Parts Of America, Standard Motor Products, and Methode Electronics.
Currently, the analyst consensus on Gentex is a Moderate Buy with an average price target of $23.92, implying a 14.1% upside from current levels. In a report issued on October 17, Wells Fargo also maintained a Buy rating on the stock with a $22.50 price target.
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HC2 Holdings (HCHC)
In a report released yesterday, Sarkis Sherbetchyan from B.Riley FBR reiterated a Buy rating on HC2 Holdings, with a price target of $13.50. The company’s shares opened today at $5.45.
Sherbetchyan noted:
“the market open, HC2 Holdings (HCHC – Buy, $13.50 PT) announced key developments further reinforcing our investment thesis, including: the launch of a $535M private offering of 5-year senior secured notes to refinance the company’s existing 11% debt, the exploration of strategic alternatives (including a potential sale) of its marine services subsidiary, and the U.S. Administration’s (FDA) grant of “Breakthrough MediBeacon’s (an HCHC life sciences portfolio company) Rate (GFR) Measurement System, or TGFR, device.”
According to TipRanks.com, Sherbetchyan is a 4-star analyst with an average return of 7.1% and a 54.0% success rate. Sherbetchyan covers the Consumer Goods sector, focusing on stocks such as Lightpath Technologies, Vishay Precision Group, and S&W Seed Company.
Currently, the analyst consensus on HC2 Holdings is a Moderate Buy with an average price target of $13.50.
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