In a report published Tuesday, D.A. Davidson & Co. analyst Avinash Kant reiterated a Neutral rating on Polypore International PPO, but lowered the price target from $38.00 to $33.00.
In the report, D.A. Davidson & Co. noted, “PPO reported Q4:CY13 EPS from continuing operations of $0.31 on revenues of $169.4 million (up 11% from Q3:CY13 but down 6% from Q4:CY12) versus consensus and our estimates of $0.31 on $164 million and $0.29 on $165 million, respectively. Revenues were helped by a $3.5 million licensing payment from Sumitomo Chemical (after the settlement of a patent lawsuit). Assuming legal expenses of ~$1 million and a ~32% nominal tax rate, we estimate this resulted in a ~$0.04 upside to Q4 earnings. A higher tax rate in Q4:CY13 vs. Q4:CY12 had a negative impact on a year-over-year basis. Cash on the balance sheet jumped to $163 million, helped primarily by the sale of the Microporous business (for $120 million). With ongoing litigation, Polypore recorded no revenues from LG in Q4.”
Polypore International closed on Monday at $29.63.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in