UPDATE: Global Hunter Securities Downgrades Cascade

According to a research report published earlier today, Global Hunter Securities has downgraded Cascade Corporation

from a Buy to Accumulate rating as a result of share price appreciation and concern regarding recent lift truck industry trends in the China market. In the report, Global Hunter Securities commented, “While our initial $60 price target could be viewed as somewhat conservative, given that it was predicated on a valuation of 6.5x 2012E EBITDA vs. current peer valuations averaging ~8x, we continue to feel that some discount to larger-capitalization peers remains valid. Additionally, we are somewhat concerned about a potential softening of demand from China. Lift truck industry statistics posted on the Cascade website have shown a significant decline in both bookings and shipments for lift trucks into the China market over the past several months.” Cascade closed yesterday at $58.91.