Oooogly. Rumors still abound and Punk Ziegel lowered its target price from $67 to $45....
Per Briefing.com
12:58 BSC Bear Stearns: Tgt cut details (57.83 -4.47) -Update-
As mentioned at 12:27, Punk Ziegel cut their tgt to $45 from $67. Firm says that the earnings estimates for the co have been lowered one more time. The new numbers are a) $2.69 per share in fiscal 2008 (consensus is $7.55) down from $6.47/share; b) $4.80 per share in 2009 (consensus is $9.74) down from $7.67 per share; and c) $6.15 per share in 2010 down from $9.16/share. They say the key problem is not the write-offs and losses that the company must take in the justended first fiscal qtr. Firm also says the co must adjust and it is probably going to be forced to find a merger partner.
Five year chart
Click on charts to enlarge.
Comments