Zacks Investment Research downgraded shares of Cooper Tire & Rubber Co. (CTB) from OUTPERFORM to NEUTRAL on February 26, 2013, with a target price of $27.00.
Cooper Tire & Rubber is making concerted efforts to reduce costs and increase efficiency in each of its plants in order to mitigate the pressure on margins. In the most recent quarter, Cooper Tire posted a significant threefold increase in profits to $1.15 per share from $0.51 in the year-ago quarter. With this, it has beaten the Zacks Consensus Estimate by a commendable margin of $0.30. However, its annual profits have declined. Further, we are concerned about increasing competitive pressure on the company. As such, we have downgraded the recommendation on the shares of the company to Neutral from Outperform from and set a target price of $27.00.
Get all Zacks Research Reports and be alerted to fast-breaking buy and sell opportunities every trading day.
To get a free copy of the research report on Cooper Tire & Rubber Co. (CTB),
click here.
For more information about research offerings from Zacks Investment Research, visit
Zacks.com .
Be the first to comment