UPDATE: Sterne Agee Lowers PT on Rubicon Technology to $7
Sterne Agee is out with its report today on Rubicon Technology (NASDAQ: RBCN), lowering its PT to $7.
In its report, Sterne Agee writes, "We are not lowering our estimates, but given that our 2012 EPS estimate of $0.67 is well below consensus of $1.25 and our view that fundamentals will likely get worse before they get better, we believe a new, lower target price is warranted. Using a 10X multiple (down from our previous multiple of 15X) on our 2012 EPS estimate of $0.67 implies a $7 target."
At the time of posting, shares of RBCN were trading at $9.58, up 0.22% from Tuesday's close.
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