Zacks Investment Research upgraded shares of Superior Industries International, Inc. (SUP) from UNDERPERFORM to NEUTRAL on November 30, 2012, with a target price of $20.00.
Superior Industries International faces significant customer concentration risk as the Detroit Big Three represent about 75% of its sales. Further, unfavorable product mix and a weak Mexican peso continue to mar the company's results. Despite these factors, the company posted nearly three fold increase in profits to $0.36 per share and outpaced the Zacks Consensus Estimate by $0.17 on the back of decreases in cost of sales and selling, general and administrative expenses. Further, its cash flow has improved. As such, we have upgraded our recommendation on the company's shares to Neutral from Underperform and set a target price of $20.00.
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