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Fly News Breaks for November 9, 2018
NNBR
Nov 9, 2018 | 09:02 EDT
Lake Street analyst Robert Brown lowered his price target for NN, Inc. to $24 from $34 following the "disappointing" Q3 results but the analyst views yesterday's share pullback as an overreaction. The shares at current levels are being given a "heavy discount for missing the quarter shortly after a bullish analyst day and large equity raise," Brown tells investors in a post-earnings research note. He views the selloff as an overreaction in believes the market is missing that margins and cash generation are set to improve materially in 2019. Further, "much of the noise of the past 18 months is now behind the company," says Brown. He reiterates a Buy rating on NN, Inc. and sees an attractive entry point at current share levels.
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