B.Riley FBR analyst Christopher Van Horn maintained a Hold rating on Stoneridge (NYSE: SRI) today and set a price target of $33. The company’s shares opened today at $34.88, close to its 52-week high of $37.69.
Van Horn observed:
“Stoneridge (SRI) shares closed +2.5% vs. the the US OE auto supplier peer group median of +1.1% on the company reported (pre-market) a 2Q18 adj. earnings beat but guided toward the low end of its FY18 outlook. It was a solid quarter, though the earnings beat mainly came from tax as revenue was close to, and margins were lower than, our expectations. The company also talked down its back-half earnings prospects in light of currency movements as well as recently imposed U.S. tariffs, among other factors, and we are reducing our FY18 adj. EPS estimate from $2.16 to $2.07 as our margin and revenue expectations decline a bit. Following the quarter, and with MirrorEye appearing to be on track (if in its early stages), we reiterate Neutral rating on SRI shares.”
According to TipRanks.com, Horn is a 4-star analyst with an average return of 8.4% and a 56.8% success rate. Horn covers the Industrial Goods sector, focusing on stocks such as Superior Industries International, Tower International, and Park-Ohio Holdings.
Stoneridge has an analyst consensus of Strong Buy, with a price target consensus of $40.
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The company has a one-year high of $37.69 and a one-year low of $15.84. Currently, Stoneridge has an average volume of 298.2K.
Based on the recent corporate insider activity of 19 insiders, corporate insider sentiment is negative on the stock.
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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.
