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Fly News Breaks for July 30, 2019
SSD
Jul 30, 2019 | 08:53 EDT
Sidoti analyst Julio Romero downgraded Simpson Manufacturing to Neutral and cut his price target to $60 from $72 following the company's updated 2020 targets. Simpson now expects 2020 operating margins of 16-17%, versus 21-22% previously, due to higher than expected raw material costs, the analyst wrote in a note to investors. As a result, Romero lowered his 2019 earnings estimate to $2.80 from $3.18 and 2020 to $3.32 from $3.95.
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