Here's How You Could've Played The Downside In Electronics For Imaging
Shares of Electronics for Imaging, Inc. (NASDAQ: EFII) took a big dive Thursday after GlassHouse Research issued a negative report claiming that the company’s accounting irregularities parallel Tyco.
Benzinga Pro users were the first to receive the news of this report.
GlassHouse estimates there is approximately 72 percent downside for the stock. The firm initiated a $13.50 price target on Electronics for Imaging, calling the company a "Terminally ill roll up... Which uses every accounting gimmick in the book to mask true economic earnings."
The high for Electronics for Imaging Thursday was $46.13 and was trading around $45.23 when Benzinga Pro first reported the news. Nearing the closing bell, the stock was trading at $43.09 down more than 7.5 percent on the day.
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