UPDATE: J.P. Morgan Reiterates Neutral Rating, Raises PT on Planatronics
In a report published Friday, J.P. Morgan & Co. reiterated its Neutral rating on Planatronics (NYSE: PLT), and slightly raised its price target from $38.50 to $39.50.
J.P. Morgan noted, “Maintain Neutral, meaning that we expect the stock to perform in line with the mean of our coverage in the next 6-12 months. PLT is trading at 12.6 times our CY12E PF EPS forecast of $2.66, which is a ~6% discount to the stock's 5-year mean P/E trading multiple of 13.3 (current fiscal year basis), and justified by ongoing economic uncertainty, in our view. We are incrementally cautious regarding PLT with a near-term perspective owing to moderating growth rate and lack of near-term catalysts.”
Planatronics closed on Thursday at $33.42.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Tags: J.P. Morgan & Co.