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.
Latest Ratings for PLT
|Jul 2014||JP Morgan||Maintains||Overweight|
|Oct 2013||Raymond James||Downgrades||Outperform||Market Perform|
|Oct 2013||Deutsche Bank||Initiates Coverage on||Buy|
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