Kaydon Shares Fall After Deutsche Downgrade

Resource from: CBCC Likes:2948

Jan 12,2009

Shares of engineered products maker Kaydon Corp. fell Friday after an analyst downgraded its shares on concerns about the stock's relative strength, as well as weakness in the company's core bearings business. Deutsche Bank analyst Nigel Coe said Friday he expects a double-digit percentage decline this year in revenue from the company's bearings segment, which operates in one of "the most cyclical of all capital goods categories." The analyst also said he expects revenue from the Ann Arbor, Mich., company's wind energy segment to decline to $120 million from $145 million this year. Furthermore, Kaydon's shares have jumped about a third since late November. That compares with a 20 percent gain in the Standard & Poor's 500 index over the same period. Coe lowered his rating to "Hold" from "Buy" and reduced his 2009 earnings-per-share estimate to $1.76 from $2.01. He reiterated his $34 price target. The stock fell $2.02, or 6.1 percent, to close at $31.10. The stock has ranged between $20.89 and $61.57 over the past year.

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