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UPDATE: J.P. Morgan Raising Price Target on Commercial Vehicle Group


J.P. Morgan Chase & Co. is out with a research report on Commercial Vehicle Group (NASDAQ: CVGI) and it is raising its price target to $13 from $12, but it is keeping its Neutral rating on shares.

In a note to clients, J.P. Morgan Chase & Co. writes, "CVGI (N) posted a Q3 operating performance that beat our estimates; the stock was up ~15% (vs. S&P up ~3%) on the news. CVGI posted Q3 revenue of $217MM (highest since Q4'06), above consensus of $210MM (2 analysts) and JPMe of $209MM. CVGI delivered better operating income, reporting operating profit of $13.5MM vs. JPMe operating income of $11.7MM. We estimate CVGI Q3'11 continuing EPS was $0.26 vs. consensus of $0.21 (2 analysts) and JPMe of $0.19. Overall, CVGI continues to benefit from improvement in the North American Class 8 truck market (~40% of revenues), but a mixed bag of non-truck end markets (flattening in Construction, Military) as well as execution risks (India JV, China/Mexico facilities, Australia integration) keep us cautious. We are maintaining our Neutral rating."

Shares of CVGI are up 28 cents to $11.03, a gain of 2.6%.

Posted-In: J.P. Morgan Chase & Co.Analyst Color Price Target Analyst Ratings


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