UPDATE: BWS Financial Drops Coverage of Dorman Products
BWS Financial dropped its Sell rating on Dorman Products (NASDAQ: DORM) following second quarter results from the company.
BWS Financial commented, "DORM was able to achieve a slight sequential increase in revenue even though much of the Company's customer base suffered from a slowdown in consumer activity. The resilience in DORM's financials showing the same kind of softness the aftermarket auto parts industry participants reported for the second quarter leads us to drop coverage on DORM. We had carried a Sell Rating believing the softness among DORM's customers, and consumers upgrading to new cars, would eventually cause DORM to see a slowdown to the extent revenue would decline. This did not transpire, and our short thesis ended up being incorrect. We would recommend moving on, as we are deciding to do."
Dorman Products closed at $28.72 on Tuesday.
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