UPDATE: Benchmark Company Reiterates Hold Rating, Lowers PT on Ceradyne

In a report published Wednesday, the Benchmark Company reiterated its Hold rating on Ceradyne CRDN, but lowered its price target to $23.00. Benchmark noted, “Ceradyne reported a weak Q2, as we expected. Q2 sales and EPS were $130.6 million (-10% y/y) and $0.28 (-67% y/y) vs. consensus estimates of $134 million and $0.36. The weakness was driven by solar and industrial with Thermo down 48% y/y and ESK down 18% y/y. Solar revenue was $3.5 million, flat from last quarter and down 82% y/y; solar also accounted for a $0.14 EPS loss during the quarter. Per our downgrade and earnings preview last week, we were concerned about a weaker than expected solar recovery and industrial slowdown from Europe.” Ceradyne closed on Tuesday at $21.17.