Fly News Breaks for May 3, 2019
May 3, 2019 | 08:27 EDT
Roth Capital analyst Matt Koranda lowered his price target for Cooper-Standard to $60 from $76 and maintained a Buy rating following the company's "relatively weak" Q1 results and lowered 2019 guidance, which he says suggests the stock may be trying to find a bottom after a multi-quarter period of downward estimate revisions. While macro and global vehicle production risks clearly remain, Koranda tells investors in a research note that Cooper-Standard unveiled modest incremental restructuring actions designed to hold margins in a lower revenue environment. While this is encouraging, he notes that the company's profit performance is seemingly far more driven by global vehicle production volumes.
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