B.Riley FBR analyst Christopher Van Horn reiterated a Hold rating on Stoneridge (NYSE: SRI) today and set a price target of $33. The company’s shares opened today at $24.71.
Van Horn commented:
“Stoneridge (SRI) shares closed up 10.8% vs. the the company reported above-estimates 3Q18 results on the close. The company’s profitability results, while hindered by recently imposed U.S. tariffs on Chinese goods, were overall stronger than expected. The tariff headwinds look quite manageable, and while we are tweaking our FY18/FY19 adj. EPS estimates a bit lower (from $2.07/$2.30 to $2.05/ $2.19), we think that the stock was likely pricing in a more meaningful reduction to expectations. So, in that context, it seems less surprising that shares closed up almost 11% on the 3Q18 report. We reiterate our $33 price target on SRI shares, which reflects a FY19 EV/EBITDA multiple of 8.6x on updated estimate and an updated balance sheet.”
According to TipRanks.com, Horn is a 4-star analyst with an average return of 3.9% and a 49.5% 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 Stoneridge is a Strong Buy with an average price target of $34.50.
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Stoneridge’s market cap is currently $711.8M and has a P/E ratio of 13.08. The company has a Price to Book ratio of 2.76.
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Stoneridge, Inc. engages in the design and manufacture of engineered electrical and electronic components, modules, and systems for the automotive, commercial, motorcycle, off-highway, and agricultural vehicle markets.
