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Applied Films "neutral," target price reduced
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Analyst Matthew Petkun of DA Davidson reiterates his "neutral" rating on Applied Films Corporation (AFCO.NAS), while reducing his estimates for the company. The 12-18 month target price has been reduced from $24 to $22.
In a research note published yesterday, the analyst mentions that the company is selling its Chinese-based glass coating joint venture for $14.6 million in cash and acquiring Vacuum Coating Technologies Inc (VACT) for $27.75 million in its effort to shift away from coated glass to coating equipment. The analyst considers the sale of the glass coating joint venture positive for Applied Films, given the possibility of a decline in the demand for coated STN glass in the long term. The EPS estimates for FY06 and FY07 have been reduced from $0.52 to $0.32 and from $1.00 to $0.87, respectively, to reflect the dilution from the acquisition.
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November 30th, 2005
Source: Newratings.com |
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